The source added that it is expected to receive offers from four and six institutions.
The First Republic has been under heavy pressure since the collapse of two similar banks in early March.
But the bank failed to come up with a satisfactory bailout, and its already shattered share fell after it confirmed on Monday night that many of its customers withdrew their estimated first-quarter deposits in the first quarter. over $100 billion.
This led the authorities to intervene in the case.
In this context, the agency in charge of the guarantee of bank deposits and the Ministry of Economy contacted several banks in the middle of the week which could be interested in the acquisition of the First Republic, according to what the source indicated. at AFP.
The list of banks likely to be interested in the acquisition includes JPMorgan Chase and Bank of America, according to media reports.
The source explained that the authorities authorized a number of institutions to consult more financial information on the “First Republic” on Friday.
The Deposit Insurance Agency would not comment or confirm this information, and the US Federal Reserve and the Ministry of the Economy did not respond to requests for comment from Agence France-Presse.
According to many American media, the Deposit Insurance Agency will initially manage the bank, whose assets amounted to $233 billion at the end of March.
Then the FDIC will quickly sell some or all of the bank’s assets to another institution.
If the deal goes like this, it could be announced as early as Monday.
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