Amid rising pressure on the US banking sector, Western Alliance, the latest bank that was reportedly said to be facing collapse, issued a statement on Thursday. The bank’s management said it was not exploring a sale and that it did not hire an advisor to explore strategic options. The statement came as the bank’s shares continued to tumble on Thursday, with a drop in value by 39%. Earlier, reports suggested it was exploring potential sale. Meanwhile, another bank, PacWest Bancorp is believed to be likely facing a collapse, as its stock price dropped around 48% on Thursday.
Also Read: European Central Bank (ECB) Raises Rate By 25 Bps, Bitcoin, ETH Rally
Western Alliance Not Exploring Sale
Stating that it was not exploring sale, the bank disputed the reports that said Western Alliance was exploring sale options. The statement said reports stating that the bank was exploring sale option was ‘absolutely false’. However, the bank now stands among the biggest losers among US regional banks, as the stock price dropped in reaction to a Financial Times report that said Western Alliance was looking for potential sale.
Since March 2023, U.S. regional banks like Silvergate, Silicon Valley Bank and First Republic Bank collapsed, leading to a domino effect in the US banking sector.
Also Read: Bitget Floats $10M Web3.0-Based Youth Oriented Innovation
The post Breaking: Western Alliance Bank Says Not Exploring Sale appeared first on CoinGape.