Western Alliance Says Not Exploring Sale

    Amid rising pressure on the US banking sector, Western Alliance, the latest bank that was said to be facing collapse, issued a statement on Thursday. The bank’s management said it was not exploring a sale and that it did not hire an advisor to explore strategic options. The statement came as the bank’s shares continued to tumble on Thursday, with a drop in value by 39%. Earlier, reports suggested it was exploring potential sale. Meanwhile, another bank, PacWest Bancorp is believed to be likely facing a collapse, as its stock price dropped around 48% on Thursday.

    Also Read: European Central Bank (ECB) Raises Rate By 25 Bps, Bitcoin, ETH Rally

    Western Alliance Not Exploring Sale

    Stating that it was not exploring sale, the bank disputed the reports that said Western Alliance was exploring sale options. The statement said reports stating that the bank was exploring sale option was ‘absolutely false’. However, the bank now stands among the biggest losers among US regional banks, as the stock price dropped in reaction to a Financial Times report that said Western Alliance was looking for potential sale.

    Since March 2023, U.S. regional banks like Silvergate, Silicon Valley Bank and First Republic Bank collapsed, leading to a domino effect in the US banking sector.

    Also Read: Bitget Floats $10M Web3.0-Based Youth Oriented Innovation

    Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected]

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

    Source link

    Latest stories

    - Advertisement -

    You might also like...