HSBC/Republic Saga Throws Light On Shareholder Op Risk
If one story of 1999 crystallised the unpredictability and destructive potential of operational risk, practitioners say it was the acquisition of Republic New York Corporation by HSBC. True, HSBC finally acquired Republic New York Corporation on 31 December following regulatory and stockholder approvals earlier in the month.
But when the deal was announced last May, who could have foreseen the unrelated scandals and personal tragedies that dogged Republic throughout the eight-month transaction?
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