WAL

Western Alliance latest US bank to explore sale - FT

Credit: REUTERS/BRENDAN MCDERMID

Adds details from report in paragraph 2, shares in paragraph 3 and background on crisis in paragraph 4 and 5

May 4 (Reuters) - Western Alliance WAL.N is exploring strategic options including a potential sale of all or part of its business, the Financial Times reported on Thursday citing two people briefed on the matter.

The Arizona-based bank has hired advisers to explore its options, the report added, saying the bank's deliberations were at an early stage and might not come to anything.

Shares in Western Alliance had fallen 45% in volatile trading before being halted. The stock has shed more than 60% of its value so far this year.

Three U.S. regional banks have failed in the last two months, spurring widespread worries about the sector's stability and deepened concerns about lenders as nervous clients moved their money to bigger financial institutions.

PacWest Bancorp PACW.Oalso said late on Wednesday it was in talks with potential partners and investors about strategic options.

(Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)

((Manya.Saini@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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