PNC bank the frontrunner in First Republic auction – report | Forexlive

The bidding deadline for First Republic Bank is at noon ET and Fox Business’ Charles Gasparino reports that people inside BofA and JPM think PNC Bank “has the inside track” in bidding.

He notes that steering FRC to PNC wouldn’t lead to the same concentration problems as if it went to a bigger bank. PNC would also be expanding to new regions, potentially improving competition.

Everyone is expecting a First Republic announcement before Asian markets open.