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Banco Safra announces the purchase of the entire Alfa bank for R$ 1 billion

Banco Safra announced on Wednesday night (23) that it signed an agreement to purchase all the shares of the Alfa Financial Conglomerate – Banco Alfa – belonging to the Fortaleza Administrator. According to the parties, the operation is worth R$ 1.03 billion.

“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”, said David Safra.

Banco Safra is one of the largest private banks in Brazil, part of the J. Safra Group, founded by Joseph Safra. According to a statement, the institution has a net worth of BRL 15.5 billion, with total assets of BRL 270 billion and raised and managed funds of BRL 300 billion. It has 10,500 employees and operates in the individual and corporate segments.

The Alfa Financial Conglomerate originated with Banco da Lavoura in Minas Gerais, created in 1925, and later renamed Banco Real in the 1970s. After the sale of Real to ABN Amro, in 1998, banker Aloysio de Andrade Faria created the Alpha.

“It is 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, perpetuity and excellence that we have always offered to our customers and employees”, said Fábio Amorosino, CEO of the Financial Conglomerate Alpha.

Rothschild & Co and Mattos Filho acted as financial and legal advisors to Administrator Fortaleza. At Banco Safra, financial advisory was provided by J.Safra Investment Banking and legal advisory by Pinheiro Neto Advogados.

Source: CNN Brasil

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