March 15 (Reuters) – U.S. private lender First Republic Bank (FRC.N) is exploring strategic options including a sale, Bloomberg reported on Wednesday, citing people with knowledge of the matter.
The troubled bank is weighing options for shoring up its liquidity and it is expected to draw interest from larger rivals, according to the report.
First Republic Bank did not immediately respond to a Reuters’ request for comment on the report.
The report follows the bank’s rating downgrade by ratings agencies Fitch and S&P earlier in the day, citing risks to the its funding and liquidity.
Shares of the bank have slumped on fears of a bank contagion following the collapse of SVB Financial Group (SIVB.O) and Signature Bank (SBNY.O).
Reporting by Akriti Sharma and Akanksha Khushi in Bengaluru; Editing by Rashmi Aich
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Source : Reuters