Safra National Bank marks new era with Delta North Bankcorp acquisition
Safra New York Corporation, which oversees Safra National Bank of New York, has consummated its acquisition of Delta North Bankcorp and its subsidiary, Delta National Bank and Trust Company. This acquisition is not merely a transaction; it signals a substantial milestone in Safra National Bank’s persistent journey of expansion in the realm of private banking and wealth management.
A Boost in Safra’s Market Stance
By assimilating Delta National Bank and Trust into its fold, Safra National Bank has accentuated its market command among high-net-worth clients, primarily in the United States and Latin America. These regions have witnessed Safra National Bank’s commitment to premier private banking and financial services, a legacy that spans several fruitful years. “We are proud to have completed this acquisition,” remarked Jacob J. Safra, Chairman of Safra National Bank of New York. He further emphasized the alignment of this acquisition with the bank’s strategic aspirations in these markets, assuring clients of a wealth management-centric organization.
Unifying Strengths & Vision
Simoni Morato, who helms Safra National Bank of New York as its CEO, echoed this sentiment, expressing eagerness to nurture relationships with Delta National Bank and Trust’s client base and workforce. By leveraging combined strengths, they aim to enhance their footprint not just in the US but in Latin America as well.
Safra National Bank’s Impressive Profile & Deal Context
Positioned strategically in New York with branches sprinkled across Aventura, Miami, Palm Beach, and offices proliferating through Latin America, Safra National Bank stands tall with approximately US$ 30 billion under its care in client assets. This bank is a key player under the vast umbrella of the J. Safra Group. Delving into the backdrop of this deal, it was initially announced in November 2022. Delta National Bank and Trust, now under Safra National Bank’s banner, has been a prominent figure in providing private banking and wealth management services, especially to high net-worth individuals. This acquisition, hence, seamlessly dovetails with Safra National Bank of New York’s mission, amplifying its private banking prowess in the US and Latin America, while concurrently bolstering the J. Safra Group’s global wealth management capabilities.