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© Reuters. FILE PHOTO: The outside of a First Republic Financial institution department is pictured in San Francisco, California, U.S. April 28, 2023. REUTERS/Loren Elliott/File Photograph
By Anirban Sen and David French
NEW YORK (Reuters) – Fifth Third Bancorp (NASDAQ:) was one the banks that submitted closing bids for First Republic Financial institution (NYSE:) on Sunday earlier than it was bought to JPMorgan Chase & Co (NYSE:), individuals aware of the matter mentioned.
PNC Monetary Providers Group (NYSE:) and Residents Monetary (NYSE:) Group Inc had been the opposite final-round bidders for First Republic, Reuters has beforehand reported.
Earlier on Monday, JPMorgan emerged because the winner of a weekend public sale of First Republic Financial institution, in a deal that adopted the troubled lender being taken over by the Federal Deposit Insurance coverage Company (FDIC).
The phrases of Fifth Third’s supply couldn’t be realized. The sources requested anonymity as a result of the matter is confidential. Fifth Third and the FDIC didn’t instantly reply to a request for remark.
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