NEW YORK: JPMorgan Chase and Co won the bidding to acquire First Republic Bank in an emergency government-led intervention after private rescue efforts failed to fill a hole in the troubled lender’s balance sheet and customers yanked their deposits.
JPMorgan will take over First Republic’s assets, including about US$173bil (RM771bil) of loans and US$30bil (RM133.7bil) of securities, as well as US$92bil (RM410bil) in deposits.
Already a subscriber? Log in
The Star Festive Promo: Get 35% OFF Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
