Un Imperio Bancario
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Lebanon This Week
Issue 57 March 3-7, 2008 Economic Research & Analysis Department LEBANON THIS WEEK In This Issue Charts of the Week Economic Risk Ratings for MENA Countries (year-end 2007) Economic Indicators....................1 60 48 47.5 47 46.5 46.5 46.5 46.5 Capital Markets...........................1 50 44 39.1 38.5 37.5 40 36 35.5 33.5 33.5 33 29 28.5 25.5 Lebanon in the News...................2 30 Beirut ranks 83rd globally in property rentals, 62nd in roundtrip transaction 20 cost and 42nd in rental yield 10 Lebanese industrialists call for fair trade with Arab markets 0 Ad spending in Lebanon up 29% to UAE Iran Iraq $108m in 2007, TV gets 40% of total Libya Qatar Egypt Syria Kuwait Oman Jordan Sudan Yemen Bahrain AlgeriaMedian Tunisia Morocco Lebanon Lebanon represented in Forbes maga- Saudi Arabia zine's list of world billionaires Economic Risk Ratings for Lebanon (year-end) 40 Corporate Highlights..................4 Total non-life premiums post 8% rise to 35 $482.65m in 2007 Solidere's net profits down 22.4% to 30 29 $60.2m in first half of 2007 26 26 25.5 25.5 25 Global communications firm WPP acquires majority stake in THG Group 20 15 Ratio Highlights...........................5 10 2003 2004 2005 2006 2007 Risk Outlook................................5 Source: The PRS Group Quote to Note Ratings & Outlook......................5 “Typically this would be followed by a Standby Arrangement, but the current Lebanese political situation means that [authorities] can't sign onto one.” Mohsin Khan, director of the IMF's Middle East and Central Asia department, on the expiration of the EPCA program and the obstacles towards moving to the next logical step. -
Joseph Safra La Semaine Le Plus Riche Banquier Du Monde
«Ces tycoons qui contribuent au succès des pays émergents» Le portrait de Joseph Safra la semaine Le plus riche banquier du monde À 78 ans, ce mécène serait la 2ème fortune du Brésil avec 21 Md$ et occupe la 37ème place dans le classement Forbes des personnalités les plus riches du monde (mars 2017). Safra Group, Joseph Safra est né à Alep, en Syrie, d’une famille de banquiers juive libanaise. Sa famille a fait fortune sous l’Empire Ottoman il y a plus d’un siècle, en facilitant le Quelques chiffres commerce entre Beirut, Alep, Alexandrie et Istanbul. • Joseph grandit à Beyrouth jusqu’en 1952, puis émigre au Brésil avec sa famille. • C’est en 1955 que son père Jacob fonde Banco Safra à São Paulo et commence ses • 3 filiales indépendantes : premières opérations brésiliennes. • -Banco Safra SA au Brésil • -J Safra National à New York Une année plus tard seulement, l’ainé de la fratrie Safra, Edmond, part pour Genève • -J Safra Sarasin à Genêve où il fonde la Banque du commerce et du développement qui devient bientôt la principale source de richesse de l’empire Safra. Elle possède déjà 5 milliards de • Revenu net en 2015 : +6,9% soit 500 mio $ dollars en actifs au milieu des années 1980. Edmond Safra se dirige vers les Etats- • Safra National gère 14,2 Unis où il crée une autre institution toute aussi réussie, la Republic National Bank de • Md$ d’actifs finSão 2015 Paulo New York qu’il vendra en 1999 à HSBC. Siège social à S’en suit une série de frasques concernant sa vie privée et celle de son épouse Lily (elle fut soupconnée d’avoir assassiné son mari à Monaco en 1999) qui incita Joseph Safra à sortir de l’ombre pour finalement reprendre en main l’ensemble de l’empire Safra au décès de son frère. -
Annual Report 2020 Group Chairman’S Foreword & Report of the Board of Directors
2020 “Every bank is like a child – you have to nurture it so it is able to grow and thrive.” Joseph Safra (1938 – 2020) Joseph Safra Joseph Safra Born on September 1, 1938 in Beirut, Lebanon, Joseph Safra built a transcontinental banking empire and was one of the most pre-eminent bankers and financiers of modern times. Far beyond being a successful banker, he was much loved and respected as a husband, a father, and a caring grandfather. His family, his business, his friends and the people who benefitted from his philanthropy around the world, have lost a great leader and one of their main pillars of strength. The figure of Joseph Safra has become almost mythical in the world of finance and the media. Since he rarely gave interviews, in reality little is known about his private life and his family. He placed a high value on discretion and privacy. Nonetheless, all the people who had contact with him, for whatever reason, have a story to tell about his perception, privileged mind, generosity, simplicity, humour and his enormous attachment to his traditions. Tens of thousands of people have bene fitted from him – directly or indirectly. Joseph was always ready to help friends, many dating back to his childhood and youth, being there for both their celebrations and in difficult moments. Joseph was an elegant man, with an open smile, who liked to wear impeccable blue suits. He was a cosmopolitan man, a citizen of the world – he respected all religions and all peoples. A polyglot – he spoke seven languages, Arabic, English, French, Hebrew, Italian, Portuguese and Spanish. -
Banco Safra S.A
Consolidated Financial Statements | Banco Safra S.A. Consolidated Financial Statements for the year ended December 31, 2020 Banco Safra S.A. CNPJ 58.160.789/0001-28 Avenida Paulista, 2.100 - Bela Vista, São Paulo, SP José Manuel da Costa Gomes Accountant – CRC nº 1SP219892/O-0 Independent Auditors’ Report Deloitte Touche Tohmatsu Auditores Independente (A free translation of the original report in Portuguese as published in Brazil Consolidated Financial Statements | Banco Safra S.A. CONTENTS CONSOLIDATED FINANCIAL STATEMENTS MANAGEMENT REPORT STATEMENT OF FINANCIAL POSITION_____________________________________________________________2 STATEMENT OF INCOME AND COMPREHENSIVE INCOME FOR THE PERIOD ________________________________3 STATEMENT OF CHANGES IN EQUITY _____________________________________________________________4 STATEMENT OF CASH FLOWS ___________________________________________________________________5 NOTES TO THE FINANCIAL STATEMENTS 1. OPERATIONS _____________________________________________________________________________________ 6 2. PRESENTATION OF THE FINANCIAL STATEMENTS _______________________________________________________ 6 3. SIGNIFICANT ACCOUNTING POLICIES ________________________________________________________________ 8 4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS ___________________________________________________ 5 5. CASH AND CASH EQUIVALENTS _____________________________________________________________________ 14 6. INTERBANK INVESTMENTS AND CENTRAL BANK COMPULSORY DEPOSITS _________________________________ -
Dailybriefing
TUESDAY DECEMBER 15, 2020 VOL. 185 No. 240 AMERICANBANKER.COM Follow us on Twitter @AmerBanker Mastercard suffers legal 5 setback in European Too big a burden? interchange battle The U.K. Supreme Court has rejected Some Democrats want the Biden administration to forgive Mastercard’s attempt to force individual most outstanding student loans. Total student debt hit lawsuits over claims the card brand $1 trillion in 2013 and has climbed by an average of overcharged consumers and negatively 5.3% a year since. impacted competition for more than a decade. Page 5 See story on page 3 Fed’s exam ratings system $1.6T 6 needs upgrade, Quarles says $1.4T The central bank is exploring how to improve the consistency and transparency of safety $1.2T and soundness scores used to grade banks $1T and their holding companies, the agency’s Page 6 $800B vice chairman of supervision said. $600B Senate sends veto-proof $400B 7 AML reforms to White House The defense spending bill includes language $200B requiring businesses to report their owners $0 to Fincen. Page 6 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* Joseph Safra, Source: Federal Reserve Bank of New York; Equifax 8 banker with $85 billion empire, dies at 82 His family got its start in banking by financing camel-caravan traders in the dailybriefing What Biden’s pledge Ottoman Empire and eventually expanded 3 to forgive student loans its reach into the U.S., Europe and Latin means for consumer lenders America. Page 7 Huntington agrees to buy The president-elect’s plan to eliminate 1 TCF Financial for $6 billion $10,000 of debt would help borrowers meet State Street to explore options The deal would create a $168 billion banking other loan obligations, reducing their risk of 9 for asset management arm company in the Midwest and be the latest in a default. -
Annual Report 2020 Chairman’S Foreword
2020 “Every bank is like a child – you have to nurture it so it is able to grow and thrive.” Joseph Safra (1938 – 2020) Joseph Safra Joseph Safra Born on September 1, 1938 in Beirut, Lebanon, Joseph Safra built a transcontinental banking empire and was one of the most pre-eminent bankers and financiers of modern times. Far beyond being a successful banker, he was much loved and respected as a husband, a father, and a caring grandfather. His family, his business, his friends and the people who benefitted from his philanthropy around the world, have lost a great leader and one of their main pillars of strength. The figure of Joseph Safra has become almost mythical in the world of finance and the media. Since he rarely gave interviews, in reality little is known about his private life and his family. He placed a high value on discretion and privacy. Nonetheless, all the people who had contact with him, for whatever reason, have a story to tell about his perception, privileged mind, generosity, simplicity, humour and his enormous attachment to his traditions. Tens of thousands of people have bene fitted from him – directly or indirectly. Joseph was always ready to help friends, many dating back to his childhood and youth, being there for both their celebrations and in difficult moments. Joseph was an elegant man, with an open smile, who liked to wear impeccable blue suits. He was a cosmopolitan man, a citizen of the world – he respected all religions and all peoples. A polyglot – he spoke seven languages, Arabic, English, French, Hebrew, Italian, Portuguese and Spanish. -
Annual Report 2018
Annual Report 2018 “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.” Jacob Safra (1891 – 1963) Contents Group Chairman’s Foreword ——— 6–7 Market Environment Corporate ——— Governance Report of the 20 – 21 ——— Board of Directors 24 – 31 ——— Year in Review 12 –13 ——— 16 –17 Consolidated Address List Financial Statements ——— ——— 112 – 113 40 – 77 Corporate Governance ——— 24 – 31 Group Companies ——— 34 – 37 Sustainability Report ——— 80 – 109 Endurance Group Chairman’s Foreword Oak Tree | “Quercus” Group Chairman’s Foreword Welcome to the Annual Report of J. Safra good global governance further reinforce the region’s Sarasin Group for 2018. Once again we ecosystem which we are part of. delivered robust results, particularly in the This Swiss bedrock is synonymous with the strength of context of geopolitical uncertainty and a our Group. We remain naturally prudent and are privi- global economic slowdown. Our strong leged to be able to take a long-term perspective thanks performance is testament to our founding to no competing voices or interests. We regularly rein- vest into equity capital, adding to the Group’s stabil- principle: “If you choose to sail upon the ity. The Group’s shareholders’ equity stands today at seas of banking, build your bank as you CHF 5.1 billion, making J. Safra Sarasin one of the best would build your boat, with the strength capitalised banks in Switzerland. to sail safely through any storm.” I have had the privilege of witnessing many different economic cycles, and steering our Group through chal- In the second half of 2018 the storm clouds gathered, lenging environments.