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The saga of the Safra Bank dynasty, from its origins in Syria to the recent billion-dollar legal dispute involving Joseph Safra, his son Alberto and the future of the empire.
Inheriting a banking empire, opening a rival bank, being disinherited and suing your own family. The story of Banco Safra involves billions, betrayals and disputes worthy of a TV series. It all started with camels and coins in 19th century Syria.
It has led to a billion-dollar legal battle in the New York courts, exposing the secrets of one of the most discreet families in the world. financial world.
From the Syrian Caravans to Brazil: the origins of the Safra Empire
The Safra family's history in the financial world began in the 1920th century. In Aleppo, Syria, they worked in currency exchange and transporting valuables for caravans. They founded Safra Frères & Cie. Later, they moved their headquarters to Beirut, Lebanon. There, Jacob Safra founded the Jacob E. Safra Bank in 1948. Noticing the growing political instability in the region after 1952, Jacob decided to emigrate. In XNUMX, he landed in São Paulo. In Brazil, he initially opened an import and trading company.
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Joseph Safra takes over: the construction of Banco Safra
Joseph Safra was Jacob's youngest son. He had an international education, working in the United States and Argentina. He arrived in Brazil in 1962. After his father's death in 1963, Joseph and his brothers carried on the family name. They introduced financial instruments common abroad to Brazil, such as bills of exchange and interest on deposits.
Joseph, known as “Seu José”, followed his father’s motto: solidity above all else. The Harvest Bank as we know it was officially born in 1972, after previous acquisitions. Joseph led with a discreet, conservative and controlling style. The reputation was built by word of mouth, focusing on risk-averse clients.
Billion dollar plays
Joseph Safra was not one to shy away from strategic moves. In 1988, he made a significant profit by exploiting a savings account rule. In the 90s, he entered the telephone sector with BCP, in partnership with BellSouth. The choice of TDMA technology proved to be a mistake, and the company accumulated billions in debt.
BCP was sold at a loss to the group that formed Claro. On the other hand, in 2012, it made a smart move by buying the Swiss bank Sarasin. It also invested in Chiquita Brands (bananas) and in global luxury properties, such as the Gherkin Building in London.
Alberto's departure and the beginning of the family dispute
In recent years, the Harvest Bank sought to modernize. It launched the SafraPay machine and the SafraWallet digital wallet. It tried to reach smaller customers, such as small business owners. These changes generated internal friction. At the same time, Joseph Safra's health was declining due to Parkinson's. The succession began to generate conflicts.
Alberto Safra, one of the sons, was being prepared to take over the bank in Brazil. However, in 2019, he left the Harvest Bank. He founded his own company, ASA Investments. He took important executives from the group with him. Joseph saw his departure as a blow.
The legal battle
Tensions exploded in 2023. Alberto Safra took legal action in New York. He sued his own mother, Vicky Safra, and his brothers Jacob and David. He claimed that his stake in the group had been unfairly diluted. He claimed that he had been prevented from appointing a director. He questioned his father's mental capacity when he signed documents disinheriting him. The family responded publicly. They claimed that Joseph disinherited Alberto while he was still alive. The reason was said to be resentment over the creation of the competing bank. Joseph Safra passed away in December 2020, at the age of 82, amid this growing family dispute.
The post-conflict Safra Bank
The legal battle was partially resolved in July 2024. An agreement was announced. Alberto Safra would sell his stake in the Safra empire. He would continue with his independent company, ASA. His widow, Vicky Safra, took over the group along with her sons Jacob and David.
O Harvest Bank continues to operate and seek to adapt. It maintains a strong philanthropic presence, supporting hospitals such as Albert Einstein and Sírio-Libanês, and cultural institutions. Recently, in 2025, it was fined by Procon-MG for unauthorized payroll loans. The current major challenge for Harvest Bank is to balance its tradition of solidity and discretion with the demands of the digital world and new customer profiles.
