Group of 11 US private banks to deposit $30 billion to shore up First Republic Bank

Move marks dramatic coordinated initiative by private lenders to bolster the system

By AFP

  • Follow us on
  • google-news
  • whatsapp
  • telegram

 

Reuters
Reuters

Published: Thu 16 Mar 2023, 11:53 PM

A consortium of 11 large US banks announced on Thursday they are depositing a total of $30 billion in First Republic Bank to shore up the embattled California lender.

The move marks a dramatic coordinated initiative by private lenders to bolster the system following the failures of three midsized lenders in the last week.


"This action by America's largest banks reflects their confidence in First Republic and in banks of all sizes," the group said in a news release.

ALSO READ:



More news from Life and Living