off-the-wire

PNC, JPM putting in final bids for First Republic in FDIC auction -sources

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW YORK, April 30 (Reuters) - PNC Financial Services Group and JPMorgan Chase & Co were among banks set to submit final bids for First Republic Bank by midday Sunday in an auction being run by U.S. regulators, sources familiar with the matter said on Sunday.


The Federal Deposit Insurance Corp is expected to announce a deal on Sunday night before Asian markets open, with the regulator likely to say at the same time that it had seized the lender, three sources previously told Reuters.


FDIC was not immediately available for comment. The banks declined to comment.




(Reporting by Chris Prentice and Nupur Anand, writing by Megan Davies; Editing by Paritosh Bansal)

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