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.
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 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.[8]
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."[10]
Safra's banking interests catered to clients looking for tax havens in Switzerland, Luxembourg and Monaco.[11]
Republic National Bank of New York
452 Fifth Avenue, formerly Republic National Bank of New York's Fifth Avenue Headquarters
Republic National Bank of New York[12] 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.[13][14][15]
From 1980 until Safra's death, Walter Weiner was Safra's attorney and CEO of Republic National Bank of New York and, in 1983, Wiener became chairman of the bank.[11]
In 1981, Republic National Bank of New York sought a tax abatement to construct its Fifth Avenue headquarters. The bank was the first midtown project to be turned down since the city's brush with bankruptcy in the mid-1970's. Kenneth Schuman, chairman of the city's Industrial and Commercial Incentive Board, said that the market had become strong enough so that construction would take place without the tax abatement.[16]
In 1998, Safra's Republic National Bank of New York was the preferred foreign bank through which most Russian banks had correspondent accounts. Both Russian banks, including SBS-Agro (Russian: СБС-Агро), Menatep (Russian: Менатеп), Inkom (Russian: Инком), and United Bank (Russian: Объединенный банк), and the Russian Ministry of Finance transferred IMF loan money to foreign locations through Safra's Republic National Bank of New York.[17][18]
On 17 August 1998, the Republic National Bank of New York lost 45% of its net income due to its large holding of Russian bonds that became worthless after the 1998 Russian financial crisis.[11]
In 1999, Safra sold Safra Republic Holdings and Republic New York Corporation to HSBC for $10.3 billion in cash.[19][20] On 31 December 1999, HSBC Private Bank became the new name for Safra's former holdings.[21]
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."[22] Two competitive parts of their operation
were "low-cost checking and free automated teller machine services."[23]
^"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
^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
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