The Safra Group, known formally as Grupo Safra S.A., is a splendid banking and privately-held institution based in Brazil while reaching other countries such as the US, the Caribbean and Europe. Tracing its roots to the times of the Ottoman Empire engaged in finance servicing the caravan trade between the cities of Alexandria, Beirut, Aleppo and Istanbul, the Safra family, originally Sephardic Jews from Aleppo, Syria but residing in Beirut, Lebanon since the beginning of the previous century, decided to emigrate to Brazil after the defeat the Ottomans suffered during World War I. Moreover, initially engaged in the importation of construction materials after arriving in Brazil, they soon moved to the banking area establishing an entity specialized in trade finance dealing with letters of credit mainly. Likewise, the late patriarch of the clan, Jacob Safra, passed the torch to his three sons Jacob, Joseph and Moise upon expanding in Brazil in the early 1950s. Son Jacob decided to separate from the holding and moved to Europe where he built an empire of connected private banking institutions catering to wealthy Jewish clients primarily including the Republic National Bank of New York, N.A. which became one of the strongest financial entities in the US before its takeover by British banking behemoth HSBC Holdings PLC in the late 1990s. Furthermore, sons Joseph and Moise took full control of Banco Safra S.A. and grew the privately-held institution combining commercial, private and investment banking operations efficiently in Brazil while expanding to off-shore tax havens in the Caribbean, Switzerland and the foundation of Safra National Bank of New York, N.A. engaging in private as well as investment banking.
On the other hand, Joseph Safra bought the share his late brother Moise held in the business and today he happens to be the richest banker worldwide, a billionaire tycoon and jet setting philanthropist who owns vast non-core investments in Israel and trophy properties scattered throughout the world. Similarly, the Safra Group’s wholly-owned subsidiary in Brazil known as Banco Safra S.A. is the eighth-largest bank in Brazil holding assets that exceed $ 50 billion while reporting revenue that surpasses $ 6 billion a year. The unit engages in commercial, private and investment banking as well as leasing and trade finance. Overall, the Group has total revenue of $ 10 billion a year while holding assets of approximately $ 70 billion and exceeding $ 6 billion in equity.
To conclude, the Safra Group has endured heavy upheavals spanning several generations across centuries including relocation and expansion while maintaining a very effective leadership and professionalism managing a formidable, fully-owned and integrated banking organization that employs over 30,000 individuals worldwide.