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JPMorgan provides First Republic with new financing

First Republic Bank, a private bank based in the United States, announced on Sunday that it had obtained additional financing from JPMorgan Chase & Co. (JPM.N), giving it access to a total of $70 billion in funding from different sources.


First Republic Bank is an American full-service bank and wealth management company offering personal

March 12 (Reuters) - U.S. private bank First Republic Bank (FRC.N) said on Sunday it had secured additional financing through JPMorgan Chase & Co (JPM.N), giving it access to a total of $70 billion in funds through various sources.

First Republic's announcement came after its share price was hit last week in the aftermath of a run on SVB Financial Group (SIVB.O).

Silicon Valley Bank's collapse on Friday prompted U.S. Federal Reserve and other regulators to announce a series of emergency measures to shore up confidence in the banking system.

In a statement, First Republic said additional borrowing capacity from the U.S. Federal Reserve as well as that from JPMorgan had boosted the amount of liquidity it had available.

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