Facebook Adds More Banks for IPO Prep

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Facebook added Deutsche Bank, Credit Suisse, and Citigroup to its stable of official banking relationships at the end of last week, part of the social network’s preparations for an initial public offering later this year, according to Bloomberg.

Facebook had already been working with Morgan Stanley, JPMorgan Chase, Goldman Sachs, Bank of America, Barclays, and Allen & Co., Bloomberg reports. But an unnamed source tells Bloomberg the new additions will give Facebook access to an additional $2.5 billion in credit.

The implications of Facebook’s entry into the payments arena were analyzed last week in an in-depth feature look at the social network, available at PYMNTS.com.