Jewish philanthropist Joseph Safra, worlds richest banker, dies at 82


SAO PAULO – Lebanese-Brazilian financier Joseph Safra, who constructed a banking empire spanning from Brazil to Switzerland and a fortune that made him the world’s wealthiest banker, has died on the age of 82, Banco Safra stated.

Safra helped run and broaden his household’s industrial and private-banking realm, catering to an prosperous clientele from São Paulo to New York and Monte Carlo. He died of pure causes, in accordance with a press release issued by the financial institution.

Safra was credited with making Banco Safra Brazil’s eighth largest financial institution by belongings. The Swiss non-public banking arm of his group acquired Switzerland’s Financial institution Sarasin & Co in 2011, later rebaptized J. Safra Sarasin.

As a member of Brazil’s most distinguished Jewish enterprise clan, he was deeply concerned in Jewish neighborhood affairs, spending an excessive amount of his time and fortune funding well being, training and charity tasks and paying for the development of synagogues and neighborhood facilities.For instance, simply this summer time, the Safra Group gave $3.15 million to the Hadassah Medical Organization (HMO) in Jerusalem, to buy ventilators for the hospital’s specialised coronavirus intensive care models.

The Safras stood out amongst numerous Brazilian households whose companies grew transnational, but remained loyal to their ethnic roots. Whereas banking was the axis of his actions, Safra additionally sought to diversify his wealth by investing in paper and pulp, international actual property, telecoms and cattle ranching.

The Safra Group additionally has a stake in banana producer Chiquita Manufacturers Worldwide and actual property belongings comparable to London’s 30 St Mary Axe, typically referred to as ‘The Gherkin.’

Safra, who arrived in Brazil as a young person almost 70 years in the past from Beirut together with his father Jacob and brothers Edmond and Moise to arrange a commerce financing store, ranks because the world’s wealthiest banker, with an estimated fortune of $19.9 billion, in accordance with Forbes Journal.

His household’s roots in banking date again 5 generations. Joseph Safra’s predecessors banked the Ottoman Empire’s caravan commerce between the Syrian metropolis of Aleppo, Alexandria in Egypt and Constantinople in Turkey.


Safra seldom granted interviews, saying he averted talking Portuguese in public for concern of “being misunderstood.” Nonetheless, his efforts to maintain a low profile have been punctuated by ruthless boardroom battles, even with members of his family.

A fluent speaker of Arabic, English and 4 different languages, he reportedly paid $2.5 billion for Moise’s 50% stake in Banco Safra in 2006, placing an finish to years of disputes over the course of the financial institution.

The Safras have been additionally identified in Brazil for his or her obsession with private safety. Edmond, Joseph’s older brother and probably the most distinguished non-public bankers of the previous century, died in 1999 in an arson assault on his Monte Carlo penthouse that shocked the banking world.

Joseph and Moise collectively funded the development of the most important synagogue in Brazil, an ornate construction serving Sao Paulo’s Sephardic Jews, and the restoration of the nation’s first synagogue, within the northeastern metropolis of Recife.

Joseph Safra is survived by his spouse Vicky and his 4 youngsters.

One among his sons, Alberto, left Banco Safra a couple of yr in the past to discovered his personal financial institution after a disagreement together with his brother David about who would oversee a digital financial institution that will mark Safra’s debut in mass retail banking. That left David Safra in cost.

Earlier this yr, Alberto launched ASA Financial institution, primarily centered on asset administration.

Joseph’s son Jacob oversees the Safra models outdoors Brasil, together with J. Safra Sarasin. Safra additionally has a daughter, Esther, who will not be concerned within the household’s companies.


Source link


Leave a Reply

Your email address will not be published. Required fields are marked *

News Feed