Banco Safra completes purchase of financial conglomerate Alfa for R$1 billion By Reuters

2023-10-11 01:35:15

© Reuters.

SÃO PAULO (Reuters) – Banco Safra finalized this Tuesday the acquisition, which was pending regulatory approvals, of the financial conglomerate Alfa, according to a press release.

According to the bank, both institutions will carry out their activities and operations separately and independently.

According to Safra’s announcement at the time of the acquisition, the operation cost 1.03 billion reais. Alfa, founded in 1925, was controlled by banker Aloysio Faria, who died in 2020.

(Reporting by Patricia Vilas Boas)