Banco Safra
Encyclopedia
Banco Safra is a Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...

ian and international bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

, ranking tenth among the country’s largest sector financial institutions in terms of total assets. The Bank is part of the larger Safra Group
Safra Group
The Safra Group is an international network of privately held companies controlled by the Safra family, comprising a banking and financial institutions conglomerate, industrial operations and telecommunications. It is present in the US, Europe, the Middle East, Latin America and the Caribbean.The...

 of banks and financial institutions.

Operations

A full-service commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...

, Banco Safra S. A. operates in all areas of the financial sector. Outside Brazil, the bank offers its large customer base a broad selection of international services. Through its major Brazilian subsidiaries, Safra Leasing, Safra Seguros S. A., Safra Distribuidora de Títulos e Valores Mobiliários and Safra Corretora de Valores e Câmbio Ltda., the bank’s activities extend beyond traditional lending operations to leasing
Leasing
Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments....

, securities underwriting
Underwriting
Underwriting refers to the process that a large financial service provider uses to assess the eligibility of a customer to receive their products . The name derives from the Lloyd's of London insurance market...

, investment fund management, brokerage
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...

 and insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...

 operations. The bank is also active in trade finance, asset management and treasury
Treasury
A treasury is either*A government department related to finance and taxation.*A place where currency or precious items is/are kept....

 operations.

History

The Safra family's history in banking originated with caravan trade between Aleppo
Aleppo
Aleppo is the largest city in Syria and the capital of Aleppo Governorate, the most populous Syrian governorate. With an official population of 2,301,570 , expanding to over 2.5 million in the metropolitan area, it is also one of the largest cities in the Levant...

, Alexandria
Alexandria
Alexandria is the second-largest city of Egypt, with a population of 4.1 million, extending about along the coast of the Mediterranean Sea in the north central part of the country; it is also the largest city lying directly on the Mediterranean coast. It is Egypt's largest seaport, serving...

 and Constantinople
Constantinople
Constantinople was the capital of the Roman, Eastern Roman, Byzantine, Latin, and Ottoman Empires. Throughout most of the Middle Ages, Constantinople was Europe's largest and wealthiest city.-Names:...

 during the Ottoman Empire
Ottoman Empire
The Ottoman EmpireIt was usually referred to as the "Ottoman Empire", the "Turkish Empire", the "Ottoman Caliphate" or more commonly "Turkey" by its contemporaries...

.The Safras decided to move to Brazil in 1952, as countless other Lebanese families
Lebanese people
The Lebanese people are a nation and ethnic group of Levantine people originating in what is today the country of Lebanon, including those who had inhabited Mount Lebanon prior to the creation of the modern Lebanese state....

 looking for a better life and more opportunities abroad. In the 1960s, Joseph Safra
Joseph Safra
Joseph Safra currently runs the Brazilian banking and investment empire, Safra Group. As the chairman of all Safra companies, among them Safra National Bank of New York and the large Banco Safra headquartered in São Paulo, Brazil, he is ranked at 68 with a net wealth of 11.4$ billion on Forbes...

 and his father, Jacob Safra, founded Banco Safra, S.A. Most of the Brazilian Sephardic Jewish community established themselves as retail or wholesale merchants. The Safras set up a small specialized bank which originated letters of credit between Sephardic importers and major banks. From this base they grew by acquisition and opening branches.

Joseph Safra
Joseph Safra
Joseph Safra currently runs the Brazilian banking and investment empire, Safra Group. As the chairman of all Safra companies, among them Safra National Bank of New York and the large Banco Safra headquartered in São Paulo, Brazil, he is ranked at 68 with a net wealth of 11.4$ billion on Forbes...

 recently purchased the remaining shares of Banco Safra, Safra National Bank of New York
Safra National Bank of New York
Safra National Bank of New York is a full-service commercial banking institution engaged in international banking operations, as well as domestic business activities emphasizing short and intermediate term financing for business ventures in industry and trade...

 and Banque Safra-Luxembourg S.A. from his brother, Moises Safra
Moises Safra
Moises Safra is a Brazilian businessman, founder of Banco SafraMoises was born into a wealthy Jewish banking family in Aleppo, Syria. The family's history in banking originated with caravan trade between Aleppo, Alexandria and Constantinople during the Ottoman Empire...

.

See also

  • Safra Group
    Safra Group
    The Safra Group is an international network of privately held companies controlled by the Safra family, comprising a banking and financial institutions conglomerate, industrial operations and telecommunications. It is present in the US, Europe, the Middle East, Latin America and the Caribbean.The...

  • Safra National Bank of New York
    Safra National Bank of New York
    Safra National Bank of New York is a full-service commercial banking institution engaged in international banking operations, as well as domestic business activities emphasizing short and intermediate term financing for business ventures in industry and trade...

  • Bank Jacob Safra Switzerland
    Bank Jacob Safra Switzerland
    Bank Jacob Safra AG is a full-service commercial banking institution headquartered in Geneva, Switzerland. It is also present in Zurich, Lugano, Gibraltar, and Monaco...

  • Joseph Safra
    Joseph Safra
    Joseph Safra currently runs the Brazilian banking and investment empire, Safra Group. As the chairman of all Safra companies, among them Safra National Bank of New York and the large Banco Safra headquartered in São Paulo, Brazil, he is ranked at 68 with a net wealth of 11.4$ billion on Forbes...

  • Edmond Safra
    Edmond Safra
    Edmond J. Safra was a Jewish Brazilian-naturalized, Lebanese banker who continued the family tradition of banking in Lebanon, Brazil and Switzerland. He married Lily Watkins. He died in a fire that attracted wide media interest and was judicially determined to be due to arson.-Life of Edmond...

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