What is Banco Jofra?

“Banco Jofra” does not exist as a financial institution. The search query likely refers to Banco Safra, a major Brazilian bank headquartered in São Paulo. Banco Safra ranks as the seventh-largest banking institution in Brazil and the nineteenth-largest in Latin America, operating as part of the J. Safra Group financial conglomerate.

Understanding Banco Safra

Banco Safra S.A. is a full-service commercial bank providing comprehensive financial services to corporations, institutional investors, and high-net-worth individuals across Brazil and internationally. The bank operates in all major areas of the financial sector, including investment banking, private banking, asset management, and retail banking through its digital platform AgZero.

The institution manages operations through numerous specialized subsidiaries. These include Safra Leasing for equipment and vehicle financing, Safra Seguros for insurance products, Safra Distribuidora de Títulos e Valores Mobiliários for securities distribution, and J. Safra Corretora for brokerage services. This diversified structure allows the bank to serve clients across multiple financial needs from a single institutional relationship.

With over 5,900 employees, Banco Safra maintains approximately 110 branches throughout Brazil, plus international branches in the Cayman Islands and Luxembourg. The bank also operates 15 foreign exchange offices in major Brazilian airports, facilitating currency transactions for international travelers.

Historical Origins and Development

The Safra family’s banking heritage extends back to the early 19th century. The family established its first banking house, Safra Frères & Cie., in Aleppo, Syria in 1841, during the Ottoman Empire era. The family worked as merchants and money changers along trade routes connecting Africa, Europe, and Asia, building expertise in currency exchange and the secure transport of valuables for merchant caravans.

Following the collapse of the Ottoman Empire after World War I, the Safra family relocated their operations to Beirut, Lebanon. Jacob Safra founded Bank Jacob E. Safra in Beirut in 1948, establishing the family’s modern banking operations. However, growing political instability in the Middle East after the creation of the State of Israel prompted Jacob to seek more stable opportunities.

In 1952, Jacob Safra emigrated to Brazil, settling in São Paulo where he initially opened an import and trading company. By 1955, he formally established Banco Safra S.A. alongside his son Joseph Safra. The bank initially focused on managing resources for the local Jewish community but quickly expanded beyond this niche market.

Joseph Safra, who had gained international banking experience in the United States and Argentina, joined the Brazilian operation in 1962. After Jacob’s death in 1963, Joseph and his brothers continued building the institution. They introduced sophisticated financial instruments to the Brazilian market that were common abroad but unavailable domestically, including bills of exchange and interest-bearing deposit accounts.

The bank gained a reputation as “the bankers’ bank” due to its conservative management approach and focus on institutional clients. This reputation for solidity and discretion attracted influential businesspeople and helped the institution weather multiple economic crises in Brazil’s volatile financial history.

In 2012, Joseph Safra consolidated control by purchasing all remaining shares from his brother Moise Safra, including stakes in Banco Safra, Safra National Bank of New York, and Banque Safra-Luxembourg. This consolidation brought the entire Brazilian operation under unified management. Joseph Safra led the institution until his death in December 2020, after which his widow Vicky Safra and their sons Jacob and David took over management of the Safra Group.

Service Portfolio and Business Lines

Banco Safra operates as a comprehensive financial services provider with distinct business divisions serving different market segments.

Corporate and Investment Banking: The bank provides capital markets services, mergers and acquisitions advisory, debt and equity underwriting, and structured finance solutions for large corporations. Trade finance remains a significant business line, supporting Brazilian companies engaged in international commerce.

Private Banking: Safra serves high-net-worth individuals and families with personalized wealth management, estate planning, and investment advisory services. This division emphasizes long-term client relationships and discretion, reflecting the bank’s traditional strengths.

Asset Management: Through J. Safra Asset Management, the bank manages investment funds across multiple asset classes. In 2025, Safra Asset Management received top rankings from the FGV/SP Investment Fund Guide, placing first in the high-net-worth investor segment and among the top three in the overall general ranking alongside Bradesco and Itaú.

Retail Banking: The bank has expanded retail operations in recent years, including the launch of AgZero, a digital banking platform (neobank) targeting retail customers with streamlined account opening and mobile-first services.

Specialized Financial Services: Additional offerings include leasing for automotive and industrial equipment through Safra Leasing, insurance products through Safra Seguros and Safra Vida e Previdência, securities brokerage through J. Safra Corretora, and treasury operations for corporate cash management.

The Broader J. Safra Group

Banco Safra forms part of the J. Safra Group, a privately owned financial conglomerate with operations across five continents. The group’s entities operate independently but share the Safra family’s conservative management philosophy and emphasis on capital preservation.

Safra National Bank of New York: Established in 1987, this U.S. institution specializes in private banking for high-net-worth individuals, with branches in New York and Miami plus representative offices across Latin America. The bank provides wealth management, CDs, investment funds, and correspondent banking services.

J. Safra Sarasin: Based in Basel, Switzerland, this bank ranks as the sixth-largest Swiss bank. It was formed in 2013 when the Safra Group acquired Bank Sarasin and merged it with Bank Jacob Safra Switzerland. J. Safra Sarasin operates 26 locations across Europe, Asia, the Middle East, and Latin America, offering private banking and wealth management to international clients.

Banco Safra (Cayman Islands) Limited: This wholly owned subsidiary provides trade financing and commercial services to correspondent banks and international clients, particularly in Caribbean trade finance.

The unified J. Safra Group follows a management philosophy encapsulated in patriarch Jacob Safra’s enduring motto: “If you choose to sail upon the seas of banking, build your bank as you would your boat, with the strength to sail safely through any storm.” This emphasis on conservative lending, strong capitalization, and prudent risk management has guided group operations for over 180 years.

Market Position and Financial Strength

Among Brazilian private banks, Banco Safra holds a significant position despite facing competition from larger institutions like Itaú Unibanco, Banco do Brasil, Bradesco, and Caixa Econômica Federal. The bank ranks seventh overall in Brazil by total assets, but its focus on high-net-worth individuals and corporate clients rather than mass-market retail gives it disproportionate influence in wealth management and investment banking sectors.

As of 2017, the most recent publicly available comprehensive data, Banco Safra reported total assets of BRL 154.6 billion (approximately US$48 billion at the time). The bank maintains credit ratings from major agencies, with Fitch, Moody’s, and Standard & Poor’s all assigning BB-equivalent ratings, reflecting Brazil’s sovereign credit profile.

The institution’s financial model emphasizes fee income from asset management and advisory services rather than relying primarily on net interest margin from traditional lending. This approach provides more stable earnings during interest rate cycles and economic volatility.

Recent developments include the August 2024 acquisition of Guide Investimentos, expanding Banco Safra’s investment distribution capabilities, and ongoing digital transformation initiatives to compete with fintech challengers in the Brazilian market.

Corporate Structure and Governance

Banco Safra operates through a complex corporate structure designed to serve different client segments and regulatory requirements. The main entity, Banco Safra S.A., holds several specialized subsidiaries:

• Banco Safra de Investimento S.A.: Focuses on investment banking operations
• Safra Leasing S.A. Arrendamento Mercantil: Handles leasing transactions
• Safra Seguros Gerais S.A. and Safra Vida e Previdência S.A.: Provide insurance and pension products
• Safra Distribuidora de Títulos e Valores Mobiliários: Distributes securities
• J. Safra Corretora de Valores e Câmbio Ltda.: Operates brokerage services
• J. Safra Asset Management Ltda.: Manages investment funds
• Banco J. Safra S.A.: Handles specific banking operations

The bank remains privately held by the Safra family, with no publicly traded shares. This private ownership allows management to maintain a long-term perspective without quarterly earnings pressure from public markets. However, it also means less financial transparency compared to publicly traded competitors.

Following Joseph Safra’s death in 2020, family tensions emerged publicly in 2023 when his son Alberto Safra filed legal action against his mother Vicky Safra and brothers Jacob and David. Alberto claimed his stake in the group had been unfairly diluted and challenged his father’s mental capacity when signing documents that allegedly disinherited him. The dispute was partially resolved in July 2024 when Alberto agreed to sell his stake and continue with his independent firm, ASA Investments, while Vicky, Jacob, and David retained control of Banco Safra and the broader group.

Sustainability and Social Responsibility

Banco Safra maintains philanthropic activities supporting healthcare and cultural institutions in Brazil. The bank provides significant financial support to Hospital Albert Einstein and Hospital Sírio-Libanês, two of São Paulo’s premier medical facilities, reflecting the Safra family’s commitment to healthcare infrastructure.

However, the bank’s environmental and social governance practices have drawn criticism from international monitoring organizations. In the BankTrack Human Rights Benchmark Latin America 2024, Banco Safra scored only 2 out of 14 points and was classified as a “Laggard” in human rights performance. The assessment found weaknesses in policy frameworks, due diligence processes, reporting transparency, and remedy mechanisms for communities affected by financed projects.

The bank does not operate a public complaints or grievances channel for individuals or communities potentially affected by its financing decisions. This lack of external accountability mechanisms contrasts with international best practices at major global banks.

In 2025, Brazilian consumer protection agency Procon-MG fined Banco Safra for unauthorized payroll loans, highlighting compliance challenges as the bank expands retail operations beyond its traditional high-net-worth client base.

Technology and Digital Transformation

Like all Brazilian banks, Banco Safra faces pressure from digital challengers and fintech companies that have disrupted traditional banking models. The launch of AgZero represents the bank’s primary response to this competitive threat, offering mobile-first banking with simplified account opening and lower fees than traditional Safra accounts.

The bank has invested in digital infrastructure to enhance client experience, including mobile apps for investment management, digital payment capabilities, and API integrations with fintech partners. However, Safra’s digital transformation has reportedly caused internal tensions, with family member Alberto Safra’s 2019 departure from the board attributed partly to disagreements over a digital wallet project.

Safra has partnered with technology providers like ACI Worldwide to enhance cloud-enabled payment processing and expand digital offerings under the SafraPay brand for the U.S. market. These initiatives aim to capture younger, more tech-savvy clients while maintaining the personalized service expectations of existing high-net-worth clientele.

Competitive Landscape

Banco Safra competes in a concentrated Brazilian banking market dominated by five major institutions that collectively control the majority of assets:

1. Itaú Unibanco: The largest bank in Latin America with $555.7 billion in assets
2. Banco do Brasil: State-owned institution with extensive branch network
3. Caixa Econômica Federal: State bank focused on housing finance and social programs
4. Bradesco: Major private bank with significant retail presence
5. Santander Brasil: Brazilian subsidiary of Spanish banking giant

Banco Safra differentiates itself through personalized service for wealthy clients, conservative risk management, and deep expertise in specific sectors like agribusiness. The bank actively cultivates relationships with large family businesses and institutional investors who value discretion and long-term partnerships over transactional banking relationships.

In investment banking, Banco Safra competes with BTG Pactual, Latin America’s leading investment bank, which has stronger capabilities in equity markets and M&A advisory. However, Safra’s combination of investment banking with comprehensive wealth management creates a differentiated value proposition for entrepreneurs seeking both deal execution and personal wealth services.

Client Experience and Service Philosophy

Banco Safra’s approach to client relationships reflects its origins serving a close-knit community and wealthy individuals. The bank emphasizes relationship banking over product sales, with dedicated relationship managers maintaining long-term connections with clients.

For high-net-worth individuals, this includes comprehensive financial planning that extends beyond investment management to estate planning, tax optimization, philanthropic strategies, and multi-generational wealth transfer. The bank’s private banking teams typically serve a limited number of families to ensure personalized attention.

Corporate clients receive industry-specific expertise, particularly in sectors where Safra has developed deep knowledge like agribusiness, manufacturing, and real estate. The bank’s willingness to provide customized financing solutions rather than standardized products appeals to mid-sized companies with complex needs.

This high-touch service model requires significant personnel investment and limits scalability compared to digital-first competitors. However, it generates strong client loyalty and allows Safra to maintain pricing power for its services.

Frequently Asked Questions

Is Banco Safra the same as Banco Jofra?

No, there is no bank called “Banco Jofra.” The term is likely a misspelling or mishearing of Banco Safra, which is a major Brazilian financial institution. If you’re looking for information about a Brazilian bank, Banco Safra is probably what you’re seeking.

How does Banco Safra differ from other Brazilian banks?

Banco Safra distinguishes itself through its focus on high-net-worth individuals and corporate clients rather than mass-market retail banking. The bank emphasizes personalized relationship management, conservative risk practices, and discretion. While larger banks like Itaú and Bradesco serve millions of retail customers, Safra concentrates on clients seeking sophisticated wealth management and customized financial solutions.

Can non-Brazilians open accounts at Banco Safra?

Banco Safra primarily serves Brazilian residents and businesses, though international clients can access services through related entities in the J. Safra Group, such as Safra National Bank in New York or J. Safra Sarasin in Switzerland. Requirements for account opening vary by jurisdiction and typically include proof of income, identification documents, and minimum relationship sizes for private banking services.

What happened to the Safra family dispute?

In 2023, Alberto Safra sued his mother Vicky Safra and brothers Jacob and David, claiming his ownership stake had been unfairly reduced and contesting his father Joseph’s mental capacity when signing documents. The dispute was partially resolved in July 2024 when Alberto agreed to sell his stake in the Safra Group and continue independently with his firm ASA Investments, while his mother and brothers retained control of Banco Safra.

Banco Safra represents a distinctive model in Brazilian banking, maintaining family ownership and a conservative management philosophy across nearly seven decades of operation. While smaller than Brazil’s banking giants, the institution’s focus on wealth management, discretion, and specialized services has carved out a defensible market position. The bank’s challenge moving forward involves balancing its traditional strengths with necessary digital transformation and competitive pressures from both established banks and fintech disruptors.

Data Sources

1. Wikipedia – Banco Safra (https://en.wikipedia.org/wiki/Banco_Safra)
2. Safra National Bank – Our History (https://www.safra.com/company/history)
3. BankTrack – Banco Safra Profile (https://www.banktrack.org/bank/banco_safra)
4. O Especialista – Safra Asset Management Rankings (https://oespecialista.safra.com.br)
5. Click Petróleo e Gás – Safra Family History (https://en.clickpetroleoegas.com.br)
6. Wikipedia – Safra Group (https://en.wikipedia.org/wiki/Safra_Group)
7. RelBanks – Banco Safra Information (https://www.relbanks.com/brazil/banco-safra)