First Republic Bank's shareholders will receive JPMorgan shares as part of the deal.

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JPMorgan Chase has announced plans to acquire the assets of First Republic Bank and assume its deposits.

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JPMorgan Chase to acquire First Republic Bank's assets

The deal is valued at $3.5 billion and is expected to close in the second half of 2023, pending regulatory approval.

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The acquisition is expected to close in the second half of 2023.

First Republic Bank is a privately-owned bank based in San Francisco, California, USA, with assets of approximately $33 billion.

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Bank is a privately-owned bank based in San Francisco, California, USA.

The acquisition will give JPMorgan access to First Republic's high-net-worth clientele, which is a key part of its business.

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The acquisition will give JPMorgan access to First Republic's high-net-worth clientele.

The deal is also expected to increase JPMorgan's presence in the San Francisco Bay Area, where it has been expanding in recent years.

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JPMorgan is looking to expand its wealth management

JPMorgan is looking to expand its wealth management business as interest rates remain low and competition heats up.

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The acquisition will also help JPMorgan diversify its revenue streams and reduce its reliance on traditional banking services.

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The deal comes as the banking industry faces increasing pressure from fintechs and digital disruptors.

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JPMorgan's CEO, Jamie Dimon, has stated that the bank is open to more acquisitions in the future.

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