Founder Edmond Safra | ||
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. 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:
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.
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