First Republic Bank , the U.S. regional bank struggling to remain viable following a flight of deposits, is looking at ways it can downsize if its attempts to raise new capital fail, according to three people familiar with the matter.
First Republic is examining how it can sell parts of its business, including some of its loan book, in a bid to raise cash and cut costs, one of the sources said. A sale of loans to other parties, including private equity firms, is one option under consideration, two of the sources said.
While a sale of the entire bank remains possible, First Republic is still currently focused on a capital raise, the third source said. The sources cautioned the situation remained fluid and asked not to be identified because the deliberations are confidential. First Republic and JPMorgan declined to comment.
Shares in First Republic extended gains following the news, up 60% to $19.44. The bank is still worth less than a fifth of where its shares were trading before the banking crisis started in the United States on March 8. First Republic Bank is among the banks that have been speaking to peers and investment firms about potential deals in the wake of U.S. regulators taking over Silicon Valley Bank
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