Vicky Safra, the wealthiest Greek woman on the planet, is reportedly interested in the merger of her bank with Spiro Latsis banking conglomerate EFG International.
Safra and family who own J. Safra Sarasin, and whose net worth is $18.7 billion according to the latest Forbes international index of billionaires, has placed a secret bid to to merge with EFG in a deal that, if realized, would create a banking colossus in Switzerland and beyond.
When asked about the new industry rumor, both institutions chose to remain silent. J. Safra Sarasin is not only one of the most successful banks in the country – but also one of its most secretive.
A combined J. Safra Sarasin ($231 billion in assets under management) and EFG International ($174 billion)) would manage more than $400 billion in client assets.
Today, the Safra Group controls Banco Safra SA, Safra National Bank of New York and J. Safra Sarasin of Switzerland, companies with nearly $85 billion in banking assets. Safra National Bank of New York, with a core business in private banking, has branches in and around New York and Florida, as well as in Mexico, Brazil, Argentina, Chile and Uruguay.
Internationally, a merger would have a large impact, particularly in Asia, where both institutions have strong franchises. J. Safra Sarasin employs around 2,500 people at more than 30 locations worldwide, and some of them overlap with EFG International’s 40 locations and 3,000 employees.
EFG’s major shareholder holding 45.4 percent through EFG (European Financial Group) Bank is the leading Greek businessman Spyros Latsis. Latsis inherited the fortune of his late father, Greek shipping tycoon John S. Latsis alongside his siblings Marianna and Margarita.
According to Forbes, Spiro Latsis & family are worth $2.3 billion.
The rise of Vicky Safra in the billionaire list
Following the death of her husband Joseph Safra in December 2020, Vicky Safra who was born in Thessaloniki became the matriarch of the massive Safra fortune.
Safra, whose maiden name was Sarfati, married Joseph Safra when she was only 17. Her Greek-Jewish family had emigrated from Greece to Brazil in the 1950s when she was still a child, and she met her future husband there.
However, she retained her Greek citizenship along with her Brazilian one, she is proud of her Greek origin, she has not forgotten her mother tongue, and she visits Greece often.
The Safra family made the first of their money in banking in the 1840s. They set up Safra Freres & Cie in Aleppo, Syria, to finance camel trade caravans during the Ottoman Empire.
Jacob Safra moved the family to Brazil in 1953. There, he started a company to trade in metals, machinery and cattle, and later created a bank. Joseph Safra, his youngest son, was studying in England when the family relocated to Brazil. He met Vicky Safra after rejoining them there.
They fell in love at first sight, according to reports, and went on to have a very long and successful marriage. They had four children: Jacob, Esther, Alberto and David.
The oldest son Jacob Safra, 49, is responsible for the Swiss bank J. Safra Sarasin, Safra National Bank of New York and the family’s international real estate.
David Safra, 40, manages Banco Safra in Brazil and J. Safra Group’s Brazilian real estate holdings.
Alberto Safra, 45, founded asset manager ASA Investments. He sued his family in 2023, claiming his stake in Safra National Bank was diluted; the case was dismissed in March 2024.
Esther Safra Dayan, 47, is married to Carlos Dayan, the son of a Brazilian banker, and lives in Sao Paulo.
A female Onassis?
Many call her the “female Onassis”. Maybe because of the migration of both to South America, maybe because of the wealth she has. However, the comparison ends there. Onassis was a self-made billionaire. Vicky Safra provided help and valuable support to her late husband, but her wealth was inherited.
She has completely removed herself from the public eye; during his lifetime, she and her husband both preferred to keep a low profile. She is residing in Switzerland.
Safra is involved with the family’s philanthropic work, most notably the Vicky and Joseph Safra Foundation.
After her husband passed away in December 2020 at the age of 82, his fortune was distributed to his survivors, in what is being referred to as one of the largest wealth transfers in history.