Vicky Safra Eyes Merger with Spiro Latsis' EFG International: Potential Banking Powerhouse in the Making

Vicky Safra, currently recognized as the wealthiest Greek woman globally, is reportedly exploring a potential merger between her banking institution and Spiro Latsis' EFG International banking conglomerate.

The Safra family, owners of J. Safra Sarasin with a net worth of $18.7 billion according to the latest Forbes international billionaire index, has submitted a confidential bid to merge with EFG. If successful, this merger could create a significant banking powerhouse in Switzerland and beyond.

Both entities declined to comment on the industry speculation. J. Safra Sarasin not only ranks among Switzerland’s most successful banks but also upholds a reputation for utmost discretion.

A potential merger between J. Safra Sarasin (managing $231 billion in assets) and EFG International (managing $174 billion) would oversee a combined $400 billion in client assets.

Currently, the Safra Group oversees Banco Safra SA, Safra National Bank of New York, and J. Safra Sarasin in Switzerland, totalling banking assets nearing $85 billion. Safra National Bank of New York specializes in private banking and operates branches in New York, Florida, Mexico, Brazil, Argentina, Chile, and Uruguay.

Significant Global Impact

The merger would wield considerable influence internationally, particularly in Asia, where both institutions boast strong franchises. J. Safra Sarasin employs approximately 2,500 staff across more than 30 global locations, with some overlap expected from EFG International's network of 40 locations and 3,000 employees.

Greek entrepreneur Spyros Latsis is the principal shareholder of EFG International, holding a 45.4 per cent stake via EFG (European Financial Group) Bank. Latsis inherited his late father's fortune, Greek shipping magnate John S. Latsis, alongside siblings Marianna and Margarita.

This potential merger signifies a significant move in the global banking sector, poised to redefine industry dynamics across multiple continents.