Republic New York

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Republic New York Corporation was the holding company for

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.[2] 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[edit]

1966: Republic National Bank of New York is founded by Edmond Safra.[3] Safra had previously opened the Trade Development Bank in Geneva, Switzerland, which acquired a 36% stake in Republic.[4]

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 US$9.8-billion.[5][6]

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.[7] Their partner at the time Martin Armstrong was convicted and spent 11 years in prison.

2015: Safra Group purchased Chiquita Brands International[8]

Safra Republic Holdings[edit]

Thousand year bonds[edit]

Safra Republic Holdings issued $250 million of 1,000 year bonds in 1997, at a time when there were "a number of 100-year bond issues by corporations."[9]

Republic National Bank of New York[edit]

Formerly Republic National Bank of New York's Avenue of the Americas branch

Republic National Bank of New York[10] operated without the "Of New York" part of its full name,[4] even though the name "Republic National Bank of" had at times been used elsewhere.[11][12][13]

When Republic was taken over by HSBC Bank USA, which already had acquired the former Marine Midland Bank, the combination retained what Republic had previously achieved:[5] "the third-biggest retail branch network in the New York region."[14] Two competitive parts of their operation were "low-cost checking and free automated teller machine services."[15]

References[edit]

  1. ^ "Safra Republic Bank - Trademark of Republic New York Corporation". March 9, 1994.
  2. ^ The mystery of the billionaire banker, Dateline NBC, March 23, 2008.
  3. ^ http://www.referenceforbusiness.com/history2/68/Republic-New-York-Corporation.html
  4. ^ a b Carter B. Horsley (August 16, 1981). "New Tower for Republic National Bank". NYTimes.com. The Republic National Bank has begun ...
  5. ^ a b Stephen Miller (May 9, 2016). "Walter Weiner, Who Led Safra's Republic Bank, Dies at 85". Republic was the third-largest retail banking network in the New York region
  6. ^ The original $10.3B was reduced to $9.85 following a scandal that resulted in a $600mm settlement.
  7. ^ https://www.nytimes.com/2001/12/18/business/republic-new-york-pleads-guilty-to-securities-fraud.html
  8. ^ "Two Deals Bring Attention to Banking's Safra Family". NYTimes.com. February 18, 2015. The Safra Group, headed by Joseph Safra, recently bought Chiquita Brands International, the fruit company
  9. ^ Floyd Norris (October 9, 1997). "Bank Offers 1,000-Year Bonds". Will Republic National Bank still be around in 2997?
  10. ^ "Republic National Bank of New York".
  11. ^ Of Texas, 1922, later dropping the Republic part, named Texas State Bank & Trust "REPUBLIC BANK - The Handbook of Texas Online (Texas State Bank & Trust)". June 15, 2010. In 1922 Guaranty received a national charter, took the name Republic National Bank of Dallas
  12. ^ "REPUBLIC NATIONAL BANK OF MIAMI, Petitioner, v. UNITED STATES". October 5, 1992.
  13. ^ "Republic National Bank of Louisiana". Republic National Bank of Louisiana is not active anymore since 1977-08-01. First City Bank was the successor institution
  14. ^ Alan Cowell (May 11, 1999). "HSBC to Pay $10.3 Billion For Republic". The New York Times. HSBC Holdings P.L.C. announced today that it would purchase the parent company of the Republic National Bank of New York for $10.3 billion
  15. ^ Republic already had introduced No-charge ATM