Economy

Safra buys Banco Alfa in a BRL 1 billion deal –

Banco Safra announced the purchase of Alpha Financial Conglomerate, for the amount of just over R$ 1 billion. The announcement of the acquisition, made on Wednesday the 23rd, was made jointly by the two institutions, which are among the most traditional in the country.

With nearly one hundred years of history, the Alfa Financial Conglomerate originated with Banco da Lavoura in Minas Gerais, created in 1925, later renamed Banco Real in the 1970s. investment banking and retail, since Alfa operates with a payroll-deductible area.

After the sale of Banco Real to ABN Amro in 1998, banker Aloysio de Andrade Faria (deceased in 2020), created the Alfa Financial Conglomerate to provide financial and insurance services.

Banco Safra, which is part of the J. Safra Group, founded by Joseph Safra, is one of the largest private banks in Brazil. With more than 180 years and present in 27 countries, the bank has 10,500 employees and operates in the individual and corporate segments. The institution has a shareholders’ equity of R$15.5 billion, total assets of R$270 billion and raised and managed funds of R$300 billion.

In the statement of the operation, David Safra said that “the transaction is a milestone in the history of the bank in Brazil. 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”.

Also in the note, the president of Banco Safra, Silvio de Carvalho, said that the acquisition marks “a new chapter in our history, combining our secular tradition of security with entrepreneurship and focus on the search for results”.

The CEO of Alfa Financial Conglomerate, Fábio Amorosino, classified the purchase as “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, continuity and excellence that we have always offered to our customers and employees”, he said.

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