PacWest Bancorp has been weighing a range of strategic options, including a sale, Matthew Monks of Bloomberg reports, citing people familiar with the matter. PacWest has been working with a financial adviser and has also been considering a breakup or a capital raise, sources told Bloomberg. While it is open to a sale, the bank hasn’t started a formal auction process, the people added. An outright sale has been hindered because there aren’t many potential buyers interested in the entire bank, sources said. A potential buyer would also have to potentially book a big loss marking down some of PacWest’s loans, they added. Shares of PacWest are down 23% to $4.96 following the report.
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