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’Buyout groups bid for First Republic
US buyout groups Carlyle, Blackstone and TPG are leading an investor group that is bidding to acquire First Republic Bank, a private banking unit of Bank of America, reports Bloomberg. The firms may partner with First Republic chairman James Herbert.
BofA chief to be grilled on bonuses
Ken Lewis, Bank of America chief executive, will testify on Thursday before New York state prosecutors, who will question him on what he knew about $3.6bn in bonuses paid at Merrill Lynch in December, just before BofA’s Jan 1 acquisition of Merrill.
Merrill buys First Republic
In its biggest acquisition in 10 years, Merrill Lynch paid $1.8bn for First Republic, a California-based private bank and wealth management company. Merrill is paying a 44 per cent premium for First Republic,
Merrill Lynch beefs up in private banking with $1.8bn First Republic
Merrill Lynch will buy First Republic Bank, a private banking and wealth management firm, for $1.8bn in cash and stock, according to a statement issued by the bank on Monday.
The world’s largest brokerage is offering $55 per First Republic Share,