Safra New York Corporation, the parent company of Safra National Bank of New York, announced that it has entered into a definitive agreement to acquire Delta North Bankcorp and its subsidiary, Delta National Bank and Trust (“Delta”). Delta provides private banking and wealth management services to high net-worth clients through its offices in New York and Miami.
The acquisition is a strategic extension of Safra National Bank of New York’s private banking business both in the United States, and throughout Latin America, where it has been providing premier private banking and financial services to high net-worth clients.
With this transaction, the J. Safra Group will strengthen its private banking business and global wealth management capabilities.
Jacob J. Safra, Chairman of Safra National Bank of New York, commented:
“This transaction highlights the importance of the Latin American market for the J.Safra Group and represents an attractive opportunity to expand our position in the region. It is a market we know very well and in which we have achieved a highly regarded presence for our clients. Delta’s private banking business fits perfectly with the strategic vision of Safra National Bank of New York.”
Simoni Morato, CEO of Safra National Bank of New York, said:
“This transaction underscores our strength as one of the premier brands in Private Banking globally. We look forward to welcoming Delta’s clients and employees to our organization in New York and Miami. Together, we are confident that we will add immeasurable value to clients.”
Guillermo Sefair, Chairman and President of Delta National Bank and Trust Company:
“It is an important transaction between two family-owned international private banks, with common principles and values. We are fully committed to this new chapter to continue to bring excellence and quality of services to our clients and employees.”
The acquisition is expected to be completed during the course of the first half of 2023, subject to regulatory approval. Financial terms are not disclosed.
J. Safra Group
The J. Safra Group (the “Group”), with total assets under management of over USD 300 billion 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, in over 160 locations globally, are: Safra National Bank of New York headquartered in New York City, USA; 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’s iconic Gherkin Building. Its investments in other sectors include, among others, agribusiness holdings in Brazil and 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 34,000 employees associated with the J. Safra Group.
