PacWest said it had been approached by potential partners and investors and was reviewing strategic options as the teetering California lender became the latest midsized US bank to seek a financial lifeline amid the worst industry turmoil since 2008.
The bank said in a statement that it was looking at “all options to maximise shareholder value” after its shares plummeted 50 per cent in after-hours trading on Wednesday.
Earlier, two people briefed on the matter said the bank had instructed boutique investment bank Piper Sandler to help it explore strategic options including a sale. No formal sale process has been initiated yet and the bank was also considering raising new capital, the people said.
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