US-based First Republic Bank has opened a new office in
Boston, despite question marks hanging over the bank’s future direction, such as suggestions of a management buyout.
The new office is to be managed by Fatema Arande. The office becomes the second branch of
First
Republic to be located in the city.
First
Republic is owned by investment firm Merrill Lynch, having been bought for $1.8 billion in a deal concluded only in the middle of last year. Merrill, under pressure from massive credit market losses, has agreed to be acquired by Bank of America.
In October,
First
Republic’s president and chief operating officer, Katherine August-DeWilde, denied that a management buyout was on the cards. Another mooted possibility was that the Bank of America could absorb
First
Republic into its wealth management programme.
According to Plunkett’s 2008 banking industry almanac,
First
Republic has $11.6 billion of assets under management.
