Republic New York

Republic New York Corporation was the holding company for the Republic National Bank of New York and the Safra Republic Bank. The company was controlled by billionaire Edmond Safra, who was killed in a fire in his Monte Carlo penthouse apartment by his nurse Ted Maher.^[1] Republic New York Corporation was sold shortly after its chairman's death to HSBC Bank USA, the US subsidiary of HSBC of the UK.

Joseph Safra, the brother of Edmond Safra, controls and owns independently the Safra Group of banks and financial institutions.

History:^[2]

1966: Republic National Bank of New York is founded by Edmond Safra. Safra had previously opened the Trade Development Bank in Geneva, Switzerland, which acquired a 36% stake in Republic.

1973: Republic New York Corporation was established as a one-bank holding company for Republic National Bank.

1974: Acquires Kings Lafayette Bank, which has 18 branches.

1975: Acquires American Swiss Credit Company, Ltd., formerly part of Franklin National Bank.

1977: Opens Republic Factors Corporation.

1978: Opens Republic International Bank of New York in Miami, Florida.

1980: Republic is listed on the New York Stock Exchange. Opens Republic International Bank of New York in Los Angeles, California.

1983: Edmond Safra sells Trade Development Bank to American Express. Several years later, American Express tries to smear Safra, after he attempts to open a competing business.

1987: Acquires The Williamsburg Savings Bank.

1988: Edmond Safra organizes Safra Holdings S.A. in Geneva, Switzerland, which is 49% owned by Republic.

1990: Acquires Manhattan Savings Bank.

1992: Establishes Republic New York Securities Corporation.

1993: Acquires SafraCorp California and renames it Republic Bank California N.A. Acquires Bank Leumi of Canada. Acquires Mase Westpac Limited, which is a member of the London Gold Fixing. Acquires Citibank's World Banknote Services operations.

1995: Acquires Crossland Federal Savings Bank

1999: HSBC acquires Republic New York for USD $9.8-billion.

2001: Republic pleads guilty to fraud and agrees to restitution of $606 million in connection with cheating Japanese customers by its Republic New York Securities Corporation subsidiary.^[3]

Read more: Republic New York Corporation - Company Profile, Information, Business Description, History, Background Information on Republic New York Corporation http://www.referenceforbusiness.com/history2/68/Republic-New-York-Corporation.html#ixzz1HBRkUA8a

References

HSBC
Board of directors	Douglas Flint (Group Chairman) Stuart Gulliver (Group CEO) Iain Mackay (Group Finance Director) Marc Moses (Group Chief Risk Officer) Phillip Ameen Kathleen L. Casey Safra A. Catz Laura Cha Lord Evans of Weardale Joachim Faber Rona Fairhead Sam Laidlaw John Lipsky Rachel Lomax Heidi Miller Sir Simon Robertson Jonathan Symonds
Brands	First Direct Hang Seng Bank HSBC HSBC Expat HSBC Premier HSBC Private Bank HSBC Trinkaus M&S Money Proa SABB
Principal local banks	Argentina Australia Canada People's Republic of China Egypt France Germany Hong Kong India Malaysia Middle East Mexico Panama Poland Saudi Arabia Sri Lanka Taiwan Turkey United Kingdom United States
Minority stakes and joint ventures	Bank of Communications (19%) HSBC Saudi Arabia (60%) SABB (40%) Techcombank (15%)
Predecessor companies	Grupo Banistmo Bank of British Columbia Barclays Bank Canada Beneficial Continental Bank of Canada Crédit Commercial de France CrossLand Savings Greenwich Savings Bank Guyerzeller Household Imperial Bank of Persia Lloyds Bank Canada Manhattan Savings Bank Marine Midland Bank Midland Bank Republic New York Samuel Montagu & Co. Williamsburgh Savings Bank
Former subsidiaries	HSBC Bank (Brazil)
Category Commons Wikiversity

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.