NEW YORK - A brokerage affiliate of Republic New York Corp. said it had applied for membership on the New York Stock Exchange and other principal exchanges.
Republic New York Securities said it expected the applications to be approved within two weeks. Initial capitalization will be $100 million, it said.
The business will engage in "full-service brokerage, prime brokerage, securities lending, and other securities credit activities and investment management," said Walter H. Weiner, chairman of Republic New York Corp. "We intend to limit our activities to conservative areas of the securities business."
Republic New York and its Panama-based parent, Saban SA, received Federal Reserve approval for the brokerage activities last week.