New Delhi: The effect of economic recession is starting to show in America. First Silicon Valley Bank, then Signature Bank and then America’s First Republic Bank have reached trouble. The lock on the First Republic Bank was about to hang, but Kanam has started on the plan to save it. A group of US banks has planned a package of at least $ 20 billion to save ‘First Republic Bank’. The relief package plan comes at a time when investors turning their backs on San Francisco-run First Republic Bank raised concerns that it could sink after Silicon Valley Bank and Signature Bank, reports AP news agency. Sources with knowledge of the matter said that JPS Morgan Chase, Citigroup, Wells Fargo and Geldman Sachs are part of this group.
America’s group of banks is planning a relief package of at least $ 20 billion to save ‘First Republic Bank’. Sources gave this information to the Associated Press on Thursday. The bailout plan comes at a time when investors shunned San Francisco-run First Republic Bank, raising concerns that it could sink after Silicon Valley Bank and Signature Bank.
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Sources with knowledge of the matter said that JPS Morgan Chase, Citigroup, Wells Fargo and Geldman Sachs are part of the group which is planning to deliver the relief package. He told that it is possible that $ 20 billion will be given to the First Republic in the form of deposits and capital, but this amount can also be $ 30 billion.
