US Regulators Auction First Republic to Prevent Bank Failure

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Several US banks, including Citizens Financial, PNC Financial, and JPMorgan Chase, are among the roughly six bidders vying for the failed First Republic Bank in an auction process run by the Federal Deposit Insurance Corporation (FDIC). US Bancorp was also among the banks the FDIC had asked to submit a bid. Guggenheim Securities is advising the FDIC. A deal is expected to be announced on Sunday night before Asian markets open. In recent months, several banks have failed amid a deposit flight from US lenders, forcing the Federal Reserve to step in with emergency measures to stabilise the markets.

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