First Republic Bank plans to raise cash by selling shares privately – NYT

FILE PHOTO: First Republic Bank branch in Midtown Manhattan in New York City

(Reuters) – First Republic Bank is in talks to raise money from other banks or private equity firms by issuing new shares, the New York Times reported on Friday, citing three people with knowledge of the process.

The bank’s shares were down nearly 5% at $21.83 in after-market trading.

Terms of the deal were under discussion and a sale of First Republic was also possible, according to the report.

First Republic declined to comment.

Large U.S. banks injected $30 billion in deposits into First Republic on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-size U.S. lenders over the past week.

(Reporting by Akriti Sharma and Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)


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