Safra New York Corporation, the parent entity of Safra National Bank of New York, has reached a definitive deal to purchase Delta North Bankcorp and its subsidiary Delta National Bank and Trust (Delta) for an undisclosed sum.
Delta currently provides high net-worth clients with private banking and wealth management solutions. It has offices in New York and Miami.
The deal helps J. Safra Group, the owner of Safra National Bank of New York, to augment its private banking operations and international wealth management offerings.
Subject to regulatory approval, the deal is scheduled to be closed by the first half of next year.
The deal comes shortly after J. Safra Sarasin Group, part of J. Safra Group, announced the purchase of the remaining minority stake in bank zweiplus from Luxembourg-based Aabar Trading.
Safra National Bank of New York chairman Jacob J. Safra said: “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.”
Currently, J. Safra Group is said to have more than $300bn of assets under management on behalf of its clients.
Delta National Bank and Trust Company chairman and president Guillermo Sefair said: “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.”