A group of 11 major US financial institutions is close to an agreement with the US government on the allocation of deposits totaling $30 billion to First Republic Bank for a period of at least 120 days. About it informs Bloomberg, citing sources familiar with the negotiations.
According to the agency, Bank of America, Wells Fargo, Citigroup and JPMorgan Chase will allocate $5 billion each for these purposes. Other financial institutions will invest smaller amounts. The deal might be officially announced as early as Friday.
First Republic was among the banks facing serious problems amid the collapse of Silicon Valley Bank. According to Bloomberg, the management of the financial structure is considering the possibility of selling the business along with other strategic options.
