US-based Western Alliance Bancorporation dismisses reports of potential sale

By Ovunc Kutlu

ISTANBUL (AA) - US-based Western Alliance Bancorporation issued a statement Thursday to dismiss recent reports of a potential sale.

"The Financial Times’ report today that Western Alliance is considering a potential sale of all or part of its business is categorically false in all respects," said the Phoenix-based bank.

"There is not a single element of the article that is true. Western Alliance is not exploring a sale, nor has it hired an advisor to explore strategic options," it added.

Amid reports of a potential sale, the bank saw its stock price nosedive 61.6% to as low as $11.35 a share during trading hours, after closing Wednesday at $29.57 per share.

The recent banking turmoil in the US saw three banks suddenly collapse since March – Silicon Valley Bank, Signature Bank and First Republic Bank.

Stock price of Pacific Western Bank, another American banking institution, plummeted as much as 61% on Thursday after it said it has been exploring asset sales, including moving its $2.7 billion loan portfolio.