Safra’s succession takes on a new importance

Banco Safra is the largest bank in Brazil that is still wholly family owned. Patriarch Joseph Safra is now 70 and his bank is on the verge of a new era as it passes to his three sons. Chloe Hayward reports on the challenges they face.

JOSEPH SAFRA could apparently do no wrong. He has built Banco Safra into the ninth-largest bank in Brazil. His personal investment empire has almost invariably made the correct calls for close to half a century. His conservative strategy continues to keep his bank strong and able to stay one step ahead. But things are starting to change. For the first time in his career market commentators are asking if Mr Joseph, as his colleagues fondly call him, is losing his touch.

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