Safra New York Corporation has announced the successful completion of its acquisition of Delta North Bankcorp. This includes its subsidiary Delta National Bank and Trust Company.
Safra New York Corporation is the holding company of Safra National Bank of New York. It is part of the J. Safra Group and is headquartered in New York, with a number of branches in Aventura, Miami and Palm Beach. The company also has offices throughout Latin America and approximately $30bn in clients’ assets.
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Strengthening the bank’s market position
This strategic acquisition is a significant milestone for Safra National Bank. The purchase underscores the bank’s continuous expansion in the private banking and wealth management business. The acquisition strengthens the bank’s market position among high-net-worth clients in the United States and Latin America. The bank has been providing private banking and financial services and has a long and successful track record in these areas.
Jacob J. Safra, Chairman of Safra National Bank of New York said of the acquisition: “We are proud to have completed this acquisition, which represents an excellent strategic fit to our existing business in these markets. Our clients will benefit from an organisation that is fully dedicated to wealth management. It provides the service, products and expertise that best meet their specific needs. We are confident that the bank has all the attributes required to continue growing and prospering in a sustainable manner.
Simoni Morato, Chief Executive Officer of Safra National Bank of New York added: “We very much look forward to working closely with Delta’s clients and employees and developing long term relationships. Together we will build on the strengths of our organisation. Not only in the United States, but also throughout Latin America.”
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