Apollo Global Management Inc. and BlackRock Inc. were lined up to back PNC Financial Services Group Inc.’s ultimately unsuccessful pursuit of troubled First Republic Bank, according to people with knowledge of the matter.
(Bloomberg) — Apollo Global Management Inc. and BlackRock Inc. were lined up to back PNC Financial Services Group Inc.’s ultimately unsuccessful pursuit of troubled First Republic Bank, according to people with knowledge of the matter.
PNC submitted a number of bids for the lender, with some — but not all — of those proposals supported by the asset managers, one of the people said, asking not to be identified discussing private information. BlackRock and Apollo were expected to buy some of First Republic’s assets as part of those specific proposals, the people said.
Representatives for Apollo, BlackRock and PNC declined to comment.
In recent weeks, non-bank institutions have attempted to play a role in the US regional banking crisis. Blackstone Inc. agreed to provide financial support for Valley National Bancorp’s bid for the collapsed Silicon Valley Bank in March, Bloomberg News reported.
–With assistance from Silla Brush.
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