First Republic Bank
) announced the acquisition of 24.5% stake in Calif.-based Nigro
Karlin Segal & Feldstein, LLC. The financial terms of the
deal have not been disclosed.
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The stake buy by First Republic demonstrates its aim to provide
enhanced services to its customers with the purchase of
flourishing business management firms such as Nigro Karlin.
Nigro Karlin is a company that caters to a wide base of clients,
ranging from the entertainment industry to executives,
entrepreneurs and sportspersons.
Having strengthened its foothold over the years, First Republic
commands a strong presence in California. With the
above-mentioned stake acquisition, the company will expand
further with the help of the acquired firm's brand and
With the aim of providing a variety of banking services to its
clients, First Republic is enthusiastic in making acquisitions
and preparing a platform for growth. Moreover, this stake
acquisition is significant in the company's efforts towards
providing quality investment services and advice to clients.
On the other hand, the deal will widen Nigro Karlin's scope and
aid its efforts to provide investment decisions to its clients.
First Republic, on the other hand, will take advantage of Nigro
Karlin's business management potential and attractive client
base. The acquisitions of such business management companies will
help boost First Republic's top line amid a sluggish
Notably, last year, the company also acquired Luminous Capital
Holdings, a Los Angeles-based wealth advisory firm. Acquisitions
such as these bode well for the company's as it will help in
driving revenues in the near term.
First Republic currently carries a Zacks Rank #2 (Buy). Other
well-performing banks include
BofI Holding, Inc.
East West Bancorp, Inc.
). All of these carry the same Zacks Rank as First Republic.