Regulators in the United States have asked banks to submit their best and final takeover offers for First Republic by Sunday afternoon, CNBC reported on Saturday, Ednews informs via CNN.
JPMorgan Chase & Co. and PNC Financial Services Group Inc. are reportedly among the likely bidders for the lender, which will be seized in receivership and immediately sold to another bank.
Other institutions, including Bank of America Corp, are also weighing a potential bid for the bank, according to the media outlet.
The bank has been struggling financially and it is hoped that the takeover is reportedly expected to help stabilize the situation and calm the markets.