* BILL ACKMAN- HEARING BANK OF AMERICA IS GOING TO BUY SIGNATURE BANK ON MONDAY
(Reuters) – Bill Ackman in a tweet on Friday said Bank of America (BAC.NaE) is going to acquire Signature Bank (SGBG.NaE) on Monday, without citing the source of information.
“I am hearing that u/BankofAmerica is going to buy Signature Bank (SGBG.NaE) on Monday. Unless and until we can protect uninsured deposits, the cost of capital is going to rise for smaller banks pushing them to merge or be acquired by the SIBs. I don't think this is good for America,” he said in the tweet.
Signature Bank (SGBG.NaE) did not immediately respond to a Reuters request for comment. Bank of America (BAC.NaE) declined to comment.
(Reporting by Akriti Sharma in Bengaluru; Editing by Maju Samuel)
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