Western Alliance latest US bank to explore sale

According to information from two individuals who were briefed on the subject, Western Alliance (WAL.N) is considering strategic alternatives, such as the potential sale of its entire business or a portion of it. The Financial Times reported this on Thursday.

The Arizona-based bank, Western Alliance, has reportedly engaged advisors to investigate its alternatives, according to the Financial Times.

These options could include a potential sale of either a portion or the entirety of its business. However, the bank’s discussions are still in the early stages and may not lead to any action, Reuters reported.

Western Alliance’s stock has experienced a significant decline, dropping 45% in volatile trading before trading was halted. Year-to-date, the stock has lost over 60% of its value.

The recent failures of three regional U.S. banks in the past two months have sparked concerns about the sector’s stability and heightened fears about lenders as anxious clients transfer their funds to larger financial institutions.

Furthermore, PacWest Bancorp (PACW.O) announced on Wednesday that it is in talks with potential partners and investors regarding strategic alternatives.

Written by staff