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JP Morgan set to take over collapsed US bank First Republic

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US bank First Republic's assets will be taken over by JP Morgan after it became the third American lender to fail in two months.

JP Morgan has agreed a deal with regulators to acquire the "substantial majority" of First Republic's assets, including $173bn (£138bn) of loans.

The collapse follows the failures of Silicon Valley Bank and Signature Bank after investors withdrew funds.

Read more: https://trib.al/zqZw59t

#FirstRepublicBank #US #Economy #Banking

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