Ross, partners raise $1.1 bln to buy a bank-report

Fri Feb 12, 2010 2:03am EST

Feb 12 (Reuters) - Related Cos' real estate developer Stephen Ross and partners have raised about $1.1 billion to help buy a failed bank, Bloomberg reported.

Ross raised the money in a private deal managed by Deutsche Bank and investors include hedge fund manager David Einhorn's Greenlight Capital Inc, the news agency said, citing a person familiar with knowledge of the matter.

The money would help SJB National Bank -- owned by Ross and partners Jeff Blau and Bruce Beal Jr, which won approval in October from Federal Deposit Insurance Corp (FDIC) -- to bid on failing institutions, Bloomberg said.

The FDIC expects 2010 to be a peak for bank failures as a result of the financial crisis. Last year, 140 banks failed, compared to 25 in 2008 and three in 2007. [ID:nN29122331]

Related Cos was not available to comment. (Reporting by Sakthi Prasad in Bangalore; Editing by Dan Lalor)