Embattled First Republic Bank is exploring its strategic options, including a potential sale, according to a new report.
Citing sources with knowledge of the matter, Bloomberg News reported late Wednesday that the San Francisco-based bank is also looking for ways to improve its liquidity, and noted that a potential sale would likely draw interest from larger rivals. The report added that no decision has been reached and First Republic may decide to remain independent.
Earlier Wednesday, S&P Global Ratings downgraded First Republic’s debt rating to “junk,” while Fitch Ratings also issued a downgrade. First Republic stock FRC fell 21.4% to end trading Wednesday at $31.16, an 11-year low. Its shares have plunged 73% over the past five trading days, as midsized banks have been rocked by the sudden failure of Silicon Valley Bank.
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