FRC - First Republic weighs options to sell parts of business downsizing if capital raise fails: reports
2023-03-21 13:56:40 ET
- First Republic Bank ( NYSE: FRC ) is now seeking options how it can sell parts of its business including some of its loan book in a bid to raise cash and cut costs.
- It looks to sell its loans to other parties including private equity firms.
- Sources close to the matter as cited by Reuters also said that the beleaguered lender is working with JPMorgan to find new sources of capital.
- While a sale of the entire bank remains possible, First Republic is still currently focused on a capital raise, a third source said cited published reports.
- It is also looking at how it can downsize if its attempts to raise new capital fail.
- This move comes after a consortium of major banks provided it with a total of $30B in deposits in the last week.
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First Republic weighs options to sell parts of business, downsizing if capital raise fails: reports