Joseph Safra

from Wikipedia, the free encyclopedia

Joseph Y. Safra ( Arabic يوسف صفرا, in Brazil also José Safra ; * September 1, 1938 in Beirut ) is a Brazilian entrepreneur . Safra is considered one of the wealthiest bankers in the world and is head of one of the richest families in South America . Since 1999 he has headed the family company known as Safra Group , to which u. a. several banks , various investment and holding companies as well as holdings such as B. those belonging to the Encyclopædia Britannica . (see the corresponding section )

Life

origin

Joseph Safra was born the youngest of nine children of Jacob Eliahou and Esther Teira Safra into a family of oriental Jews. This came from Aleppo ( Syria ), where it had already grown prosperous during the times of the Ottoman Empire with credit business and the financing of caravans , and where it had been the bank Safra Frères et Cie. Since the middle of the 19th century . with branches, etc. a. in Constantinople and Alexandria , operated. In Beirut , Safra's father founded the family company's new headquarters, Jacob E. Safra Bank, in 1929 . Safra's mother died when he was five years old, and his father later remarried. From 1949 the family settled first in Milan and from 1952 in Brazil. A1

Career

Beginnings and expansion

Building of the main office of Banco Safra in São Paulo's financial district on Avenida Paulista , whose roof garden was designed by Roberto Burle Marx .

In 1954, Safra's father began working as a financial services provider in São Paulo, together with Safra's 23-year-old brother Edmond . Edmond left Brazil shortly afterwards and founded the Trade Development Bank in Geneva in 1956 and the Republic National Bank of New York in New York City in 1966 . Joseph Safra and his brother Moise had meanwhile also moved to Brazil and after their father's death in 1963 they bought his older brother's shares in the Brazilian business. With the help of this, they took over Banco Jacob Safra , newly founded by their father in São Paulo in 1957 , which became Banco Safra in 1972 , today one of the largest private banks in Brazil. Edmond, on the other hand, became the owner of the bank in Beirut, which now operated as Banque de Crédit National . In 1987, Joseph and Moise Safra founded the Safra National Bank of New York , which was licensed as a wholesale bank in 1997 following the acquisition of the New York UBM subsidiary A2 United Mizrahi Bank . In 1998, together with the US telecommunications group BellSouth, created the mobile communications company BCP , which was not in the black despite becoming the second largest Brazilian company of its kind. BCP was finally sold in 2003 at a loss to the Mexican magnate Carlos Slim , where it became part of his newly founded cell phone company Claro Americas .

After the older brother died

In 1999 Edmond Safra initiated the sale of his companies (with the exception of the Lebanese bank) to the British HSBC Group and wrote a new will to the detriment of his older brothers. A few months later he was killed in spectacular circumstances in Monte Carlo . After Edmond's death, a dispute developed between the bereaved brothers about his inheritance and the successor as patriarch of the Safra Group , which held investments worldwide and whose companies sold financial services in South and North America as well as in Europe. Even then, Joseph Safra, although younger in years, was assigned the leading leadership . In 2000 he received a banking license for Switzerland through the purchase of Zurich's Uto Bank , which then became Bank Jacob Safra .

After the sale of First International Bank of Israel (2003), which was acquired in 1990, and their shares in the Israeli mobile operator Cellcom (2005), the younger brothers parted ways. In July 2006, after two years of negotiations, Safra finally acquired all of Moise's shares in the previously jointly established banking business. Initially, both of them only held shares in the Brazilian cellulose manufacturer Aracruz . Ten years later, J. Safra Sarasin Asset Management Ltd (Bahamas) only held 4,704% of the successor group Fibria .

At the end of July 2012, the Safra Group took over the majority stake in the Swiss bank Sarasin & Cie, which has been operating as Bank J. Safra Sarasin since 2013, from the Dutch Rabobank for just over a billion Swiss francs .

Since the death of Moise Safras, who, like his brother Edmond, suffered from Parkinson's disease , from the consequences of which he died on June 15, 2014, the family business has been operating as the J. Safra Sarasin Group under Safra's management . At the beginning of November 2014, it acquired the Swiss Re Tower from the insolvent German real estate company IVG for more than £ 700 million , after Safras and the Chinese investor Zhang Xin had already acquired almost twice as much for 40% of the shares in New Yorker General the year before Motors Building , making it arguably the most expensive building in the United States. Also in 2014, Safra and the Cutrale Group jointly took over the majority of shares in the multinational agricultural company Chiquita Brands International .

Bad deals?

Since April 2016, Safra has been charged with bribery in Brazil , which was uncovered in the course of corruption investigations (“Operation Zealots”) as a result of the so-called Petrobras scandal. Safra is said to have agreed to a plan by its management to pay officials of the Brazilian tax authorities approximately US $ 4.25 million to achieve a reduction of the accrued tax liability of approximately US $ 505 million. In December 2016, however, the federal court dropped the proceedings.

Also in April 2016, it became known that Bank J. Safra Sarasin, its Luxembourg company and other offshore branches had been responsible for founding a large number of the letterbox companies published in the Panama Papers . In 2015, the bank had already accepted a fine of more than 85 million US dollars imposed by the Department of Justice , thus averting criminal prosecution. The agency was allegedly able to prove that the bank helped wealthy US citizens evade their tax obligations. As early as 2009, Safra Bank was said to have enriched itself by marketing a fund that was part of Bernard L. Madoff's fraud system , which was confirmed in 2011. Safras Bank is also one of the companies in Germany that in the past had taxes reimbursed by means of " dividend stripping " on investment income that had never been paid.

progeny

Safra is married. This marriage with Vicky Sarfati had four children. His sons are also involved in managerial positions in the Safra companies: David and Alberto Safra manage Banco Safra, while the eldest son Jacob (Jacó) is responsible for the Safra National Bank of New York and all other business outside of Brazil. Safra's nephew Edmond is married to the daughter of art speculator David Nahmad . Nahmad is a cousin of Safras, whose ancestors were also bankers in Aleppo and Beirut and later migrated to Milan.

capital

The multi-billionaire was ranked 52nd on Forbes' list of the world's richest people in 2015 with an estimated fortune of $ 17.3 billion . A year later he was already listed at number 42, as his fortune had grown again. Among the 300 richest in Switzerland, the Safra family took 4th place in 2018 with an estimated fortune of 19 to 20 billion Swiss francs .

In Jewish associations and institutions, especially those of the Mizrahim and the Sephardim , Safra is considered a philanthropist . Like his brothers, he set up a foundation which u. a. Supports synagogues or denominational associations and initiatives. Just like his brothers, Safra is considered to be distinguished, shy of the public and very concerned about his personal safety. For example, for fear of attacks, he mainly uses his own helicopters or airplanes to get to corporate headquarters or to events and employs bodyguards who have been specially trained in Israel and who accompany him almost constantly.

Web links

Footnotes

Remarks

A1That, as is sometimes rumored , anti-Jewish riots as a result of the creation of Israel led the Safras to settle on the European continent and in America, is because the Jewish population in Lebanon was not affected by such, hard to believe, especially since the family their Continued business in the Middle East, where she continued to operate, inter alia, the Beirut Banque de Crédit National .
Rather, different entries in the Safras' registration and travel documents indicate a lively cosmopolitan orientation of the family. In the mid-1950s, apart from Beirut , Istanbul , Milan , Geneva , São Paulo and New York City , cities such as Brussels , Paris , London , Buenos Aires , Bogotá , Rio de Janeiro and Calcutta were the places of residence or residence of individual family members comprehensible.
A2UBM ( UniCredit Banca Mobiliare ) itself belonged to the Italian financial group UniCredit SpA and later became part of their company UniCredit Markets & Investment Banking .

Individual evidence

  1. ^ Joseph y Safra , information according to the National Archives, Rio de Janeiro. From familysearch.org, accessed June 13, 2016 ( Scan of Safra's Brazilian entry visa, July 23, 1956. From familysearch.org, accessed June 13, 2016)
  2. ↑ Carrie Hojnicki: The Safra Dynasty: The Mysterious Family Of The Richest Banker In The World . June 6, 2012 on businessinsider.com
  3. ↑ a b c José Safra faz acordo com irmão e assume o controle do banco . On July 26, 2006 at folha.uol.com.br
  4. ^ Company Overview of Encyclopaedia Britannica Holding SA . From bloomberg.com, accessed June 8, 2016
    Board of Directors ( December 24, 2016 memento on the Internet Archive ). Retrieved June 8, 2016 from corporate. britica.com
  5. ↑ Jacob Safra Eliahou , information acc. To National Archives, Rio de Janeiro. From familysearch.org, accessed June 15, 2016 ( Scan of Safra's Brazilian entry visa, July 27, 1955. From familysearch.org, accessed June 15, 2016)
  6. ^ A b The world's 50 Richest Jews: 11-20 . Retrieved September 7, 2010 from jpost.com
  7. ↑ About Safra . From jsafrasarasin.de, accessed June 8, 2016
  8. ^ History . Retrieved June 16, 2016 from bcnlb.com
  9. ^ A b Jacob Safra - Esther, Teira Safra . From farhi.org, accessed May 30, 2016
  10. ^ Jacob Safra - Marie Dwek . From farhi.org, accessed May 30, 2016
  11. ↑ Haruyoshi Ono, Marília Dorador Guimarães, Abilio Guerra: São Paulo na vida de Roberto Burle Marx , interview. In: Vitruvius , 060.01, year 15, December 2014, ISSN  2175-6708 ( Online . At vitruvius.com.br accessed on June 10, 2016)
  12. ^ A b c David Gelles, Dan Horch: Two Deals Bring Attention to Banking's Safra Family . On February 18, 2015 at dealbook.nytimes.com
  13. ↑ Banco Safra SA . Accessed June 16, 2016 at emis.com
  14. ↑ a b c d Tatiana Vaz: Quem é Joseph Safra, o banqueiro mais rico do país (mesmo) . On March 27, 2013 on exame.abril.com.br
  15. ^ A b c William Hall, George Graham: A short-lived dynasty . In: Philip A. Wickham (Ed.): Financial Times Corporate Strategy Casebook . Pearson Education Limited, Harlow 2000, ISBN 0-273-64342-8 , pp. 30-31 ( excerpt , on books.google.de, accessed on June 16, 2016)
  16. ^ Safra National Bank of New York . Retrieved June 16, 2016 from ibanknet.com
  17. ↑ Jonathan D. Epstein: Safra Buying Mizrahi's NY Unit, Outbidding Argentine Family . On October 25, 1996 in American Banker ( excerpt ( December 24, 2016 memento on the Internet Archive ), on highbeam.com, accessed June 16, 2016)
    United Mizrahi Bank and Trust Company . Accessed June 16, 2016 at usbanklocations.com
  18. ↑ PUBLIC DISCLOSURE - June 17, 2009 - COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION - Safra National Bank of New York, Charter Number: 20948 - 546 Fifth Avenue New York, New York 10036 , pp. 2-3. On occ.gov, accessed on June 16, 2016 ( PDF ; approx. 58 kB)
  19. ^ Alan Cowell: HSBC to Pay $ 10.3 Billion For Republic . May 11, 1999 on nytimes.com
  20. ↑ Paul Tharp: SAFRA FAMILY FEUD - SISTERS, WIFE IN COURT OVER $ 60 MILLION . November 2, 2001 on nypost.com
  21. ↑ Bank Jacob Safra Establishes Presence in Switzerland ( Memento of December 24, 2016 in the Internet Archive ). On June 20, 2000 at prnewswire.com
    Annual Report 2015 , p. 23 at jsafrasarasin.ch, accessed on June 16, 2016 (PDF; approx. 9.69 MB)
  22. ^ Moise Safra - obituary . On June 19, 2014 on telegraph.co.uk
  23. ↑ Safra Banking Group to Sell Ownership Interest In FIBI Holding, Parent of The First International Bank of Israel, to the Bino - Liberman Group ( Memento of December 24, 2016 in the Internet Archive ). April 27, 2003 on prnewswire.com
    Kobi Yeshayahu: FIBI Holdings controls The First International Bank of Israel. The sale is apparently related to the privatization of Israel Discount Bank. . April 27, 2003 on globes.co.il
  24. ↑ Guy Hadass: Discount Investment, Safra resume Cellcom negotiation . On August 8, 2005 on globes.co.il
    Hadar Horesh: IDB Buys Cellcom One Day, Mulls Part Sale the Next . On August 12, 2005 on haaretz.com
  25. ^ J Safra Sarasin Asset Management (Bahamas) Ltd Sold Fibria Celulose SA's Shares ( Memento from December 26, 2016 in the web archive archive.today ). Retrieved May 31, 2016 from octafinance.com
  26. ^ Arthur Rutishauser: Scandal in the board of directors of Bank Sarasin . On June 20, 2012 on tagesanzeiger.ch
  27. ↑ FINMA approves the purchase by Safra Group of Rabobank's majority interest in Bank Sarasin; new composition of the Board of Directors . On June 22, 2012 on jsafrasarasin.com (PDF; approx. 66 kB)
    Closing takes place, Sarasin Board of Directors elected, mandatory offer announced. (PDF, approx. 280 kB) jsafrasarasin.com, July 31, 2012, accessed on May 29, 2016 (notification from Bank Sarasin).
  28. ↑ a b c Joseph Safra on Forbes Lists - # 42 Billionaires (2016) - # 2 in Brazil - # 52 in 2015 . From forbes.com. Retrieved May 30, 2016
  29. ↑ Yoel Bermant: Moise Safra, Brazilian Billionaire banker who pass away at 79 . June 16, 2014 on jewishbusinessnews.com
  30. ^ Brazilian Jewish philanthropist Moise Safra passes away . On June 17, 2014 at worldjewishcongress.org
  31. ^ History of the J. Safra Sarasin Group . Retrieved June 8, 2016 from jsafrasarasin.com
  32. ^ Claer Barrett, Kate Allen: Safra snaps up the Gherkin for £ 726m . On November 10, 2014 on ft.com
  33. ↑ Clive Minchom: Trophy Office Towers Changing Hands in New York Again as Market Goes UP . June 3, 2013 on jewishbusinessnews.com
    General Motors Building - a billion- dollar     skyscraper! . On June 12, 2013 on kirchner-immobilienrechner.de
  34. ↑ Rogerio Jelmayer: Cutrale, Safra Complete Chiquita Offer . On January 6, 2015 on wsj.com
    Blake Schmidt, Juan Pablo Spinetto: Brazil Orange Baron Buying Chiquita Revealed as Billionaire . January 27, 2015 on bloomberg.com
  35. ↑ Nira Foster: Operation Zealots So probing into purchase of provisional measures . On October 27, 2015 on agenciabrasil.ebc.com.br
    Paulo Trevisani: Brazil Probes Alleged Corruption Among Tax Officials . On April 7, 2015 on wsj.com
  36. ↑ Now also corruption allegations against banker Joseph Safra . On April 1st, 2016 on tagesanzeiger.ch
  37. ↑ Rogerio Jelmayer, Jeffrey T. Lewis: Brazilian Prosecutors Charge Owner Joseph Safra Bank With Corruption . On March 31, 2016 on wsj.com
  38. ^ Joe Leahy: Joseph Safra corruption charges shake up Brazil's corporate elite . On April 1, 2016 on ft.com
    Court Accepts Charges Against Brazil Banker Joseph Safra . April 27, 2016 on jewishvoiceny.com
  39. ↑ Guillermo Parra-Bernal, Eduardo Simões: Brazil court drops tax case against billionaire financier Safra , December 13, 2016 on reuters.com, accessed May 31, 2018
  40. ↑ 11 Answers to the "Panama Papers" . On April 9, 2016 on nzz.ch
    Manuel Rentsch: How the Swiss banks benefited from the Panama business . On April 9, 2016 on srf.ch
    Search "Safra" - Panama Offshore Leaks Database . Retrieved June 1, 2016 from panamadb.org
  41. ↑ Brandon L. Garrett: The Rise of Bank Prosecutions , p. 21. May 23, 2016 on yalelawjournal.org (PDF; approx. 394 kB)
  42. ↑ Erik Nolmans: Credit Suisse: Dammed Flood . On January 16, 2013 on bilanz.ch
    US tax dispute: Geneva private bank hits hard . On January 7, 2016 on bilanz.ch
  43. ↑ Jonathan Wheatley: Madoff victims emerge at Safra . February 18, 2009 on ft.com
  44. ^ David Gelles: Trustee in Madoff case sues private Swiss banks . April 8, 2011 on ft.com
  45. ↑ Allegations of tax fraud: Sarasin's vice boss resigns . On October 31, 2014 on tagesanzeiger.ch
    “Cum-Ex”: How investors looted the state . On May 27, 2016 on bilanz.ch
  46. ↑ Safra Joseph . From farhi.org, accessed May 30, 2016
  47. ^ Catherine Cochard: Helly Nahmad, les dessous glauques du commerce de l'art . On December 10, 2014 on letemps.ch
  48. ↑ 10 richest Swiss own 203 billion francs. In: watson.ch . November 29, 2018, accessed December 1, 2018 .
  49. ^ A b Simon Romero: The Safras of Brazil: Banking, Faith and Security . December 8, 1999 on nytimes.com
  50. ↑ Menachem Posner: Moise Y. Safra, 79, Brazilian Banker and Philanthropist . June 18, 2014 on chabad.org
  51. ↑ Joseph Safra Foundation, Inc. . On September 24, 2015 at fconline.foundationcenter.org
  52. ↑ Robson Viturino: A aposta de Safra . April 4, 2013 on epocanegocios.globo.com
  53. ↑ see Hannah Wettig: The Last Jews . On March 4, 2010 on jungle-world.com
    Mona Naggar: The nostalgia has stayed . April 20, 2010 on nzz.ch
    Benjamin Moscovici: Beirut's Beter . On April 11, 2013 on juedische-allgemeine.de
  54. ↑ see also Brazil, Rio de Janeiro, Immigration Cards, 1900-1965 - Jacob Safra - Links to datasets and scans of Brazilian entry documents of individual family members. From familysearch.org, accessed June 14, 2016.
personal data
SURNAME Safra, Joseph
ALTERNATIVE NAMES Safra, Joseph Y .; Safra, José; يوسف صفرا (Arabic)
BRIEF DESCRIPTION Brazilian banker
DATE OF BIRTH September 1, 1938
PLACE OF BIRTH Beirut