US regulator requests final bids from JPMorgan, PNC for First Republic Bank acquisition: Report

The US Federal Deposit Insurance Corp has requested final bids from banks interested in acquiring First Republic Bank, including JPMorgan Chase & Co and PNC Financial Services Group, according to Bloomberg. The regulator had initially reached out to banks to gauge their interest, asking for proposed prices and estimated costs to the agency's deposit insurance fund.

Following the submissions, the FDIC invited at least two firms to continue with the bidding process, the report added.

This news comes as the FDIC prepares to place First Republic under receivership in the near future. The regulator has determined that the bank's financial position has deteriorated to the point where a private-sector rescue is no longer possible.

If First Republic were to fall into receivership, it would become the third US bank to collapse since March, following the collapse of Silicon Valley Bank and Signature Bank. The FDIC's efforts to sell the First Republic to a private buyer are part of its ongoing efforts to mitigate the economic impact of bank failures on the financial system.

Also Read: SEBI seeks 6 months extension to complete probe into Adani-Hindenburg case