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HomeNational MortgageFirst Republic’s Erkan named Greystone CEO because it expands into wealth administration

First Republic’s Erkan named Greystone CEO because it expands into wealth administration

Hafize Gaye Erkan, whose shock departure from First Republic Financial institution disrupted the lender’s succession plans earlier this yr, will turn out to be chief govt officer of Greystone because the intently held commercial-property lender expands into wealth administration and personal banking.

Erkan, 43, will likely be one in every of a small quantity of feminine CEOs to guide a financial-services firm. She joins the New York-based Greystone in September, reporting to founder Steve Rosenberg, the agency’s govt chairman, in response to an announcement Monday.

Hafize Gaye Erkan.

Erkan’s resignation in January from First Republic, the place she was co-CEO alongside founder Jim Herbert, got here days after Herbert went on medical go away, triggering a one-day inventory decline of 4.4%. Throughout Erkan’s eight years on the San Francisco-based lender, deposits and whole property greater than tripled.

“It was time for a change and for a brand new problem, the place I will be at a platform the place I can make the most of all my talent set in banking, non-public fairness, funding and fund administration,” Erkan mentioned in an interview with Bloomberg Tv. “At Greystone, with the true property enterprise and additional enlargement plans, there will likely be much more alternatives for development.”

A local of Turkey, Erkan moved to the US to get a doctorate in monetary engineering at Princeton College. She spent nearly a decade at Goldman Sachs Group, advising monetary establishments on financing, stress testing and threat administration. In 2014, she joined First Republic, the place her ascent to president after which co-CEO made her a well-recognized presence on earnings calls and at conferences with buyers.

Representatives for First Republic didn’t reply to requests for remark. First Republic shares are down 29% this yr, greater than the 22% decline for the S&P 500 Banks Index.

Greystone, a First Republic consumer, gives financing to builders of multifamily properties and senior nursing amenities. Lots of the loans it originates are resold to Fannie Mae, Freddie Mac and the Federal Housing Administration. In December, Greystone bought a minority stake in its condo lending and loan-servicing enterprise to Cushman & Wakefield for $500 million to capitalize on the sturdy rental market.

Rosenberg, who based the corporate in 1988, mentioned he sees Erkan’s hiring as step one to broadening Greystone’s choices.

“We completely count on {that a} financial institution will likely be in our future,” he mentioned.

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