{"id":40374,"date":"2023-07-25T16:32:10","date_gmt":"2023-07-25T20:32:10","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/banc-of-california-in-talks-to-buy-pacwest-bancorp-wsj\/"},"modified":"2023-07-25T16:32:12","modified_gmt":"2023-07-25T20:32:12","slug":"banc-of-california-in-talks-to-buy-pacwest-bancorp-wsj","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40374","title":{"rendered":"Banc of California in talks to buy PacWest Bancorp – WSJ"},"content":{"rendered":"
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\u00a9 Reuters. A general view of Pacific Western Bank in Huntington Beach, California, U.S., March 22, 2023. REUTERS\/Mike Blake<\/span>
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(Reuters) -Banc of California is in advanced talks to buy PacWest Bancorp and a deal could be announced as soon as Tuesday, the Wall Street Journal reported, citing people familiar with the matter.<\/p>\n

The banks did not immediately respond to Reuters requests for comment. Shares of PacWest were down 27%, while Banc of California <\/span><\/span> (NYSE:) gained 10% in afternoon trading.<\/p>\n

PacWest is one of the lenders that was rocked by the collapse of three regional banks, which led to the biggest crisis the banking industry faced in more than 15 years.<\/p>\n

Given the pressure on the industry, Treasury Secretary Janet Yellen had said in May that more mergers among midsize U.S. banks could be necessary.<\/p>\n

PacWest has been signing deals to shed some assets and strengthen its balance sheet. Last month, it said it would sell a $3.54 billion lender finance portfolio to asset manager Ares Management (NYSE:) in a deal that some analysts said would ease worries about the health of its balance sheet.<\/p>\n

PacWest had a market capitalization of $1.24 billion as of Monday, almost 63% higher than that of Banc of California, according to Refinitiv data.<\/p>\n

Private equity firms Centerbridge and Warburg Pincus are planning to contribute equity to help fund Banc of California’s acquisition of PacWest, the Journal report said. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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