Safra Keeps It In The Family

Brazilian banker Joseph Safra has taken control of Banco Safra after buying the other 50% stake in the bank held by his brother Moise. The amount paid for the stake has not been disclosed. Banco Safra is among the top 10 Brazilian banks in terms of assets. Ratings agency Standard & Poor’s said the change in ownership structure of the bank would not affect its credit rating which it maintained at BB with a stable outlook.