Finance
First Republic secures new facility from JPMorgan
March 12 (Reuters) – U.S. non-public financial institution First Republic Financial institution (FRC.N) mentioned on Sunday it had secured further financing by means of JPMorgan Chase & Co (JPM.N), giving it entry to a complete of $70 billion in funds by means of numerous sources.
First Republic’s announcement got here after its share value was hit final week within the aftermath of a run on SVB Monetary Group (SIVB.O).
Silicon Valley Financial institution’s collapse on Friday prompted U.S. Federal Reserve and different regulators to announce a collection of emergency measures to shore up confidence within the banking system.
In a press release, First Republic mentioned further borrowing capability from the U.S. Federal Reserve in addition to that from JPMorgan had boosted the quantity of liquidity it had out there.
Reporting by Paritosh Bansal; Enhancing by Kim Coghill
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