Bank of America To Sell First Republic Bank To Investors
Published: 21-Oct-2009
Jim Herbert, chairman and founding CEO, and Katherine August-deWilde, president and chief operating officer, to continue in their current positions along with the rest of the management team
Bank of America has signed a definitive agreement to sell First Republic Bank to a number of investors, led by First Republic's existing management, and including investment funds managed by Colony Capital and General Atlantic.
Reportedly, First Republic was acquired on January 1, 2009 as part of the Merrill Lynch acquisition. As of September 30, 2009, First Republic had $19 billion in total assets, $16 billion in deposits, and $15 billion in wealth management assets under management.
Jim Herbert, chairman and founding CEO, and Katherine August-deWilde, president and chief operating officer, will continue in their current positions along with the rest of the management team.
Bank of America Merrill Lynch acted as financial advisor and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Bank of America. The transaction is expected to close in the second quarter of 2010, subject to receipt of all regulatory approvals. Terms were not disclosed.
Network Sites

Suppliers To This Sector
Browse A-Z
White Papers
Browse A-Z
Use of Voice Biometrics in Smart Card Applications
Many organisations have implemented or are looking into smart card solutions. The objectiv ...
Tower Group Report: Global Exchange Consolidation
This 12-page TowerGroup report analyses the rapidly consolidating exchange market, examine ...
To Protect and Detect: An Evaluation of Compliance System Requirements for the Securities Market
Many financial services firms have been failing to comply with post MiFID Regulations and ...
The Value of Process Management in GRC
In this white paper, the value of Process Management in GRC is discussed. Four main aspect ...
The Value of a Comprehensive Integration Solution
Many enterprises are currently spending more on integration-related projects than they nee ...
The Role of Continuous Controls Monitoring and Auditing in GRC
A business in control is the starting point for most people in business. Without being in ...


Delicious
Digg
LinkedIn
Reddit
Stumble
Viadeo
Mail sent successfully