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.
Republic National Bank was the basis for part of the TV show Law & Order season 9 episodes "Refuge" part 1 and 2 that aired on May 26, 2009. In the episodes a NY bank that transferred bank notes abroad was involved with the Russian mob. Republic was the largest broker for US bank notes, and losses leading to its sale to HSBC and subsequent death of founder in Monte Carlo are attributed to its Russian involvements.
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.
1999: HSBC acquires Republic.
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.
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
Famous quotes containing the words republic and/or york:
“Royalty is a government in which the attention of the nation is concentrated on one person doing interesting actions. A Republic is a government in which that attention is divided between many, who are all doing uninteresting actions. Accordingly, so long as the human heart is strong and the human reason weak, Royalty will be strong because it appeals to diffused feeling, and Republics weak because they appeal to the understanding.”
—Walter Bagehot (1826–1877)
“If New York is the Big Apple, tonight Hollywood is the Big Nipple.”
—Bernardo Bertolucci (b. 1940)