Safra National Bank of New York announced that it has signed an agreement to acquire Bank Hapoalim's private banking business in Miami. The agreement covers qualifying clients and their relationship management teams who are focused on high net worth clients across Latin America.
This acquisition is a logical extension of Safra National Bank of New York's private banking business for Latin America, where it has been providing premier private banking and financial services to high net worth clients for more than 30 years. With this transaction, Safra National Bank of New York and its subsidiary, Safra Securities, LLC, further strengthen their private banking business and the global wealth management capabilities of the J. Safra Group.
Jacob J. Safra, Vice-Chairman of Safra National Bank, commented:
"We are determined to play a leading role in the consolidation of the private banking market. Our capital strength, family ownership and 175 years of experience give us great flexibility to do such transactions."
Simoni Morato, CEO of Safra National Bank of New York, said:
"We look forward to welcoming the clients and employees of Bank Hapoalim in Miami to our organization. Bank Hapoalim's private banking business in Miami fits perfectly with the strategic vision of the J. Safra Group and Safra National Bank of New York, and we are confident we will add immeasurable value to clients."
The acquisition is expected to be completed during the course of the first quarter of 2017, subject to regulatory clearance. Financial terms are not disclosed.
J. Safra Group
The J. Safra Group, with total assets under management of over USD 194 billion and aggregate stockholders equity of USD 15.4 billion, is controlled by Joseph Safra. The Group consists of privately owned banks under the Safra name and investment holdings in asset based business sectors such as real estate and agribusiness. The Group's banking interests, which have over 160 locations globally, are: Safra National Bankof New York headquartered in New York City; J. Safra Sarasin, headquartered in Basel, Switzerland; and Banco Safra, headquartered in Sao Paulo, Brazil; all independent from one another from a consolidated supervision standpoint. The Group's real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide, such as New York City's 660 Madison Avenue office complex and London'siconic Gherkin Building. Its investments in other sectors include, among others, agribusiness holdings in Braziland Chiquita Brands International Inc. With deep relationships in markets worldwide, the Group is able to greatly enhance the value of businesses which are part of it. There are more than 28,000 employees associated with the J. Safra Group.
