Economy

Safra buys Banco Alfa for BRL 1.03 billion

Banco Safra announced the purchase of Banco Alfa for R$1.03 billion. David Safra, son of Joseph Safrafounder of Grupo J. Safra, emphasized that “the transaction is a milestone in the history of the bank in Brazil”.

“Banco Safra and Administratora Fortaleza signed an agreement for the transfer of all the shares that Administratora Fortaleza owns in the companies of the Alfa Financial Conglomerate”informed the companies.

“Customers, employees and shareholders of Alfa Financial Conglomerate and Safra Bank will benefit. We share values, long-term vision and passion for work, which gives us enormous confidence in the harmony and success of this operation”, says Safra.

“It is a historic transaction in the Brazilian financial market. We are convinced that the operation between the two secular banks, the result of successful entrepreneurial trajectories and based on common values, will enhance the quality, perpetuity and excellence that we have always offered to our customers and employees”, comment Fabio AmorosinoCEO of Alfa Financial Conglomerate.

The president of Banco Safra, Silvio de Carvalhosaid he was optimistic about the operation. “This is an important acquisition, which marks a new chapter in our history, combining our centuries-old tradition of safety with entrepreneurship and focus on the search for results”.

Banco Safra is one of the largest private banks in Brazil and is present in 27 countries. The bank has 10,500 employees and operates in the individual and corporate segments.

Banco Safra announced on Wednesday night (23) that it signed an agreement to purchase all the shares of the Alfa Financial Conglomerate – Banco Alfa – belonging to the Fortaleza Administrator. According to the parties, the operation is worth BRL 1.03 billion #AgoraCNNpic.twitter.com/DBThjpyteR

— CNN Brasil (@CNNBrasil) November 24, 2022

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