Republic New York Corp. has hired a new executive to head its Russian banking unit and another to help run the bank's recently created capital markets unit.
Both appointments are part of Republic's effort to develop business in emerging markets.
Urs Haener, formerly of Credit Suisse First Boston Moscow Ltd., was named president and chief executive officer of Republic National Bank of New York RR LLC, also in Moscow. Mr. Haener, 44, had been managing director, president, and CEO of the First Boston affiliate.
He succeeds Andrew Pucher, who has moved to head Republic National Bank of New York Guernsey Ltd., an offshore unit of Luxembourg-based Safra Republic Holdings SA. Republic owns 49% of Safra Republic Holdings.
Republic opened a wholesale bank in Moscow last year to provide corporate finance, money market facilities, and fixed-income and equity brokerage. The subsidiary employs 35 people and has about $50 million of capital and assets of around $360 million.
The New York-based bank hired Colin Lawrence as worldwide head of derivatives-related activities, general manager of the London branch, and a director of Republic Capital Markets UK Ltd.
The London-based capital markets unit, set up several months ago, specializes in structured finance and emerging-market operations. Mr. Lawrence, 45, joins Republic from Barclays de Zoete Wedd, where he was head of global market risk since 1994.
Before that he headed fixed-income derivatives activities at Union Bank of Switzerland in London and was an associate professor of financial markets at Columbia University. Republic said his main objective will be to help the bank become a global leader in derivatives and to integrate trading and derivatives activities.
A spokesman for $56 billion-asset Republic declined to discuss the appointments, which were spelled out in a press release.
Both men report to Elias Saal, vice chairman of Republic New York Corp. and its flagship bank, Republic National of New York. Mr. Saal oversees global trading activities.
Republic, a retail and middle-market bank in New York that is also active in bonds, precious metals, foreign exchange, and bank notes, has been gradually increasing its overseas activities. The bank expanded its emerging-market trading activities last year to act as a dealer in certain financial instruments, such as certificates of deposit from banks in Mexico, Brazil, Argentina, and other countries.
The bank also deals in Brady Bonds, Eurobonds, syndicated bank loans, and other financial products. Customers include financial institutions, multinational corporations, institutional investors, and high-net-worth individuals.
