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Indebta > Markets > Stocks > Trading in Western Alliance shares halted as bank denies report it is mulling sale
Stocks

Trading in Western Alliance shares halted as bank denies report it is mulling sale

News Room
Last updated: 2023/05/06 at 2:56 PM
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© Reuters.

Investing.com — Trading in Western Alliance (NYSE:) shares was halted on Thursday, as the Arizona-based lender denied rumors that it is considering a possible sale.

The Financial Times earlier reported that Western Alliance is exploring, selling all or part of its operations, citing two people familiar with the matter. The lender has brought on advisors to look into its strategic options, the people told the FT, although these considerations were said to still be in their early stages. Shares in Western Alliance fell sharply, following the report.

Western Alliance rejected the claims made in the FT report, saying in a statement that it is “categorically false in all respects.”

“There is not a single element of the article that is true. Western Alliance is not exploring a sale, nor has it hired an advisor to explore strategic options,” the group added. It also hit out at the FT, claiming that it had “allowed itself to be used as an instrument of short sellers and as a conduit for spreading false narratives about a financially sound and profitable bank.”

Western Alliance said it is “considering all of our legal options” in response to the article.

Investors have been fretting over the prospects for regional U.S. lenders since the failure of peer Silicon Valley Bank in March.

On Wednesday, these worries intensified when Beverly Hills-based PacWest (NASDAQ:) admitted that it had been approached by “several potential partners and investors” to discuss its options. Citing people familiar with the situation, Bloomberg also reported that PacWest is working with a financial advisor to consider a potential breakup or capital raise. PacWest shares are down by over 50%.

Federal Reserve chair Jerome Powell has attempted to soothe jittery investors. Speaking at a news conference, Powell said JPMorgan’s (NYSE:) emergency rescue of ailing First Republic Bank helped “draw a line” under recent market stress, adding that the overall banking system remains “sound.”

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News Room May 6, 2023 May 6, 2023
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