October 28, 2019 / 2:21 PM / 19 days ago

Son of billionaire Joseph Safra leaves Banco Safra board

SAO PAULO, Oct 28 (Reuters) - Alberto Safra, one of the sons of Lebanese-Brazilian billionaire banker Joseph Safra, left the Brazilian lender Banco Safra SA’s board of directors, the bank said in a statement on Monday.

Banco Safra said in the statement that Alberto left the bank because he plans to work on another Safra family project, without disclosing further details.

Local newspapers Valor Economico and O Estado de S. Paulo reported that Alberto left Banco Safra after a disagreement with his brother David. Both were board directors at Safra, responsible for the wholesale and retail businesses, respectively.

The siblings had been arguing about who would oversee a digital wallet which would mark the family’s first foray into retail banking.

In August, Alberto said in an interview with Brazilian financial daily Valor that Banco Safra was hoping to secure a leading position in the retail business. With 172.2 billion reais ($43.24 billion) in total assets, Safra is the country’s 7th largest lender.

Chief Executive Officer Rossano Maranhao has also left Banco Safra, according to the newspapers. Banco Safra declined to comment on the matter.

Joseph Safra is the world’s richest banker with a fortune valued at $25.2 billion by Forbes Magazine.

Besides Alberto and David, Joseph has another son, Jacob, who oversees the family’s businesses outside Brazil. His daughter Esther does not work for the financial group. ($1 = 3.9820 reais) (Reporting by Carolina Mandl; Editing by Andrea Ricci)

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