JP Morgan Chase has taken over the troubled US bank First Republic in a deal brokered by regulators.
The Wall Street giant said it would pay $10.6bn to the Federal Insurance Deposit Corp , after officials shut down the smaller bank.
Worth more than $20bn at the beginning of last month, the bank was known for its big home loan business and for its stable of wealthy clients. It was ranked as the 14th largest lender in the US at the end of last year. In a scramble to come up with a rescue package, US officials were understood to have contacted six banks before landing on America’s largest lender, according to news agency AFP.Related NewsBut the deal appeared poised to renew political debate about financial regulation and the power of America’s biggest banks.
“This part of the crisis is over,” he said, noting that few other banks were at risk of customers withdrawing deposits on mass, which caused the problems at First Republic and the two other lenders: Silicon Valley Bank and Signature Bank.
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