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PacWest Bancorp weighing up options including possible sale: Bloomberg

Investing.com -- PacWest Bancorp is reportedly weighing up its strategic options including a possible a sale amid concerns about its financial health, Bloomberg reported Wednesday, citing unnamed sources.

PacWest Bancorp (NASDAQ:PACW) was down 53% in afterhours trading following the news.

The regional bank is also mulling a breakup or a capital raise, the report said, citing the sources. But a potential sale isn't attractive as potential suitors would likely incur a big loss. The bulk, or about 80%, of PacWest's loan book is exposed to commercial real estate-backed loans and residential mortgages - both of which have been hurt by rising interest rates.  

PacWest didn't respond to a request for comment, Bloomberg said.

The news comes at a tough time for the bank, which has plunged more than 80% since beginning of March despite attempts to reassure investors that deposits had stabilized following a spate of withdrawals in March. 

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.