Feb 12 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)