Apollo, BlackRock Backed PNC’s Failed Bid for First Republic

Apollo Global Management Inc. and BlackRock Inc. were lined up to back PNC Financial Services Group Inc.’s ultimately unsuccessful pursuit of troubled First Republic Bank, according to people with knowledge of the matter.

PNC submitted a number of bids for the lender, with some — but not all — of those proposals supported by the asset managers, one of the people said, asking not to be identified discussing private information. BlackRock and Apollo were expected to buy some of First Republic’s assets as part of those specific proposals, the people said.