PacWest Bancorp said on Monday it was selling a $3.54 billion lender finance loan portfolio to asset management firm Ares Management , in an attempt to boost liquidity at the U.S. regional lender, sending its shares up nearly 5%.
A relentless rate hike campaign by the Federal Reserve has raised risks of more loans turning bad and banks are responding by reducing their lending exposure to potentially beleaguered sectors such as commercial real estate.
Through sale of such loans, some regional banks in the United States are trying to shore up capital and build investor confidence after a recent banking crisis."This transaction will improve our liquidity and capital as we continue to implement our announced strategy to return our focus to relationship-based community banking," PacWest Chief Executive Officer Paul Taylor said in a statement.
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