NEW YORK -- Millionaire banker Edmond J. Safra has asked the Federal Reserve for permission to buy up to 2 million shares, or 3.77% of, Republic New York Corp.

Mr. Safra, the company's largest shareholder, already owns 14.4 million shares, or 27.2%.

Republic, the nation's 20th-largest banking company, has $41.9 billion in assets.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.