Former Merrill Lynch wealth business to go public
First Republic Bank, the San Francisco lender purchased by private-equity firms from Bank of America Corp. at midyear, is planning an initial public offering.
First Republic Bank, the San Francisco lender purchased by private-equity firms from Bank of America Corp. at midyear, is planning an initial public offering.
The amount to be raised wasn’t included in the announcement of the offering today by First Republic, whose owners include General Atlantic LLC and Colony Capital LLC. The bank is seeking a listing on the New York Stock Exchange, according to the statement.
Bank of America, the biggest U.S. lender by assets, gained control of First Republic when it took over Merrill Lynch & Co. in January 2009. Merrill Lynch in 2007 paid $1.8 billion for First Republic, which serves affluent clients in California, Connecticut, Massachusetts, New York, Nevada and Oregon.
Bank of America Merrill Lynch, Morgan Stanley and JPMorgan Chase & Co. are managing the offering.
–Bloomberg
Learn more about reprints and licensing for this article.
