The acquisition is a strategic extension of Safra National Bank of New York's private banking business both in the United States, and throughout Latin America
Safra New York to acquire Delta National Bank. (Credit: Sasun Bughdaryan on Unsplash)
Safra New York Corporation, the parent company of Safra National Bank of New York, announced that it has entered into a definitive agreement to acquire Delta North Bankcorp and its subsidiary, Delta National Bank and Trust (“Delta”). Delta provides private banking and wealth management services to high net-worth clients through its offices in New York and Miami.
The acquisition is a strategic extension of Safra National Bank of New York’s private banking business both in the United States, and throughout Latin America, where it has been providing premier private banking and financial services to high net-worth clients.
With this transaction, the J. Safra Group will strengthen its private banking business and global wealth management capabilities.
Jacob J. Safra, Chairman of Safra National Bank of New York, commented:
“This transaction highlights the importance of the Latin American market for the J.Safra Group and represents an attractive opportunity to expand our position in the region. It is a market we know very well and in which we have achieved a highly regarded presence for our clients. Delta’s private banking business fits perfectly with the strategic vision of Safra National Bank of New York.”
Simoni Morato, CEO of Safra National Bank of New York, said:
“This transaction underscores our strength as one of the premier brands in Private Banking globally. We look forward to welcoming Delta’s clients and employees to our organization in New York and Miami. Together, we are confident that we will add immeasurable value to clients.”
Guillermo Sefair, Chairman and President of Delta National Bank and Trust Company:
“It is an important transaction between two family-owned international private banks, with common principles and values. We are fully committed to this new chapter to continue to bring excellence and quality of services to our clients and employees.”
The acquisition is expected to be completed during the course of the first half of 2023, subject to regulatory approval. Financial terms are not disclosed.
Source: Company Press Release