{"id":27617,"date":"2023-06-26T10:39:16","date_gmt":"2023-06-26T14:39:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/pacwest-stock-jumps-as-ares-buys-3-5-billion-of-loans\/"},"modified":"2023-06-26T10:39:18","modified_gmt":"2023-06-26T14:39:18","slug":"pacwest-stock-jumps-as-ares-buys-3-5-billion-of-loans","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=27617","title":{"rendered":"PacWest Stock Jumps as Ares Buys $3.5 Billion of Loans"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000678329\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        PacWest Bancorp<br \/>\n       shares rose early on Monday after the lender sold a $3.5 billion portfolio of loans to<br \/>\n        Ares<br \/>\n       Capital.<\/p>\n<p>PacWest (ticker: PACW) jumped more than 7% in premarket trading, but remained down more than 70% over the past year as the lender came into focus amid the turmoil among regional banks after the collapse of Silicon Valley Bank. The sale of the loans takes some risk off PacWest\u2019s books and generates some $2 billion before transaction costs for the bank.<\/p>\n<div class=\"paywall\">\n<p>The portfolio acquired by Ares (ARES), an alternative investment manager, includes consumer loans, small business loans, timeshare, auto loans, and others. Ares stock was little changed before the market opened.<\/p>\n<p>\u201cThis transaction will improve our liquidity and capital as we continue to implement our announced strategy to return our focus to relationship-based community banking,\u201d PacWest CEO Paul Taylor said.<\/p>\n<p>Write to Brian Swint at brian.swint@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/pacwest-stock-jumps-ares-loans-d219c7e7?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PacWest Bancorp shares rose early on Monday after the lender sold a $3.5 billion portfolio of loans to Ares Capital. PacWest (ticker: PACW) jumped more than 7% in premarket trading, but remained down more than 70% over the past year as the lender came into focus amid the turmoil among regional banks after the collapse [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":27618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-27617","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PacWest Stock Jumps as Ares Buys $3.5 Billion of Loans | iFintechWorld<\/title>\n<meta name=\"description\" content=\"PacWest Bancorp shares rose early on Monday after the lender sold a $3.5 billion portfolio of loans to Ares Capital. 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