PacWest sells troubled loan portfolio to Ares in $3.5 billion deal.
TL;DR Summary
PacWest announced a $3.5 billion sale of loans to alternative investment manager Ares Management, providing another lift to a regional bank hammered during the industry chaos earlier this year. PacWest is one of several regional lenders that struggled to keep depositors following the March 10 failure of Silicon Valley Bank. Since then, those stocks rallied for four of the last six weeks on optimism that the worst was over for regional banks.
- PacWest stock rises on new optimism about troubled regional banks Yahoo Finance
- PacWest Sells $3.5 Billion in Loans to Ares Bloomberg Television
- Ares Management Acquires $3.5 Billion Lender Finance Portfolio from Pacific Western Bank Business Wire
- PacWest Sells Loans as Private Credit Firms Eye Bank Assets Yahoo Finance
- PacWest sells $3.5 billion loan portfolio to asset manager Ares Reuters.com
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