| Type | (Private) |
|---|---|
| Industry | Finance and Insurance |
| Founded | 1955 |
| Headquarters | São Paulo, Brazil |
| Key people | Joseph Safra (Chairman) |
| Products | Financial Services |
| Revenue | US$ 12.5 billion (2010) |
| Net income | US$ 520.9 Million (2010) |
| Total assets | US$ 109.0 billion (2011) |
| Employees | 3,800 |
| Parent | Safra Group |
| Website | www.safra.com.br |
Banco Safra is a Brazilian and international bank, ranking tenth among the country’s largest sector financial institutions in terms of total assets. The Bank is part of the larger Safra Group of banks and financial institutions.
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A full-service commercial bank, 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, securities underwriting, investment fund management, brokerage and insurance operations. The bank is also active in trade finance, asset management and treasury operations.
The Safra family's history in banking originated with caravan trade between Aleppo, Alexandria and Constantinople during the Ottoman Empire.The Safras decided to move to Brazil in 1952, as countless other Lebanese families looking for a better life and more opportunities abroad. In the 1960s, Joseph Safra 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 recently purchased the remaining shares of Banco Safra, Safra National Bank of New York and Banque Safra-Luxembourg S.A. from his brother, Moises Safra.