The deal involved the purchase of shares in the Alfa Financial Conglomerate from a holding company managed by the heiresses of banker Aloysio Faria
Banco Safra communicated an agreement on Wednesday night (23.Nov.2022) to acquire control over the Financial Conglomerate Alfa, which includes Banco Alfa. The deal was closed for R$ 1.03 billion.
The acquisition was made with Administratora Fortaleza, controlled by the 5 daughters of banker Aloysio Faria, who died in 2020. The holding company sold all the shares it held in the conglomerate. Here is the joint statement from the banks (full – 171 KB).
In addition to the bank, which manages approximately R$ 24.5 billion in assets and has a credit portfolio of R$ 9 billion, the merger also involves a consortium administrator, an insurance company, an insurance brokerage and an Alfa finance company.
“This is an important acquisition, which marks a new chapter in our history, combining our secular tradition of safety with entrepreneurship and focus on the search for results”said the president of Banco Safra, Silvio de Carvalho.
In addition to the financial arm, the conglomerate also manages oil producer Agropalma, Rede Transamérica de Hóteis, Águas Prata and retailer C&C Casa e Construção, among others. The companies were not acquired in the deal.
“We are convinced that the operation between the 2 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 the CEO of Alfa Financial Conglomerate, Fábio Amorosino.
Banco Alfa was founded in 1998 by banker Aloysio Faria (1920-2020) after the sale of Banco Real to the Dutch bank ABN Amro, later incorporated into Banco Santander in 2009.
Banco Safra, owned by banker Joseph Safra (1938-2020), has a net worth of R$15.5 billion, with total assets estimated at R$270 billion. The Safras own banks in Brazil, Switzerland and the United States, a stake in Chiquita Brands International, and an extensive real estate portfolio.
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