First Republic Bank weighing options including sale – Bloomberg News

A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar/File photo

U.S. private lender First Republic Bank is exploring strategic options including a sale, Bloomberg reported on Wednesday, citing people with knowledge of the matter.

The troubled bank is weighing options for shoring up its liquidity and it is expected to draw interest from larger rivals, according to the report.

First Republic Bank did not immediately respond to a Reuters’ request for comment on the report.

The report follows the bank’s rating downgrade by ratings agencies Fitch and S&P earlier in the day, citing risks to the its funding and liquidity.

Shares of the bank have slumped on fears of a bank contagion following the collapse of SVB Financial Group and Signature Bank.