"In view of my illness, senior management executives and I are turning to my brother Josef for advise more often, due to his vast experience, and I expect this situation to continue. In effect, Josef has reorganized his timetable so that he can devote more time in joining me in consultations with senior management executives at Republic Bank New York and Safra Republic, relating to significant policy decisions and other important topics." This statement was made recently in an announcement by the head of the Safra group and president of the Republic Bank, Edmond Safra.
In effect, Safra thereby marked his younger brother Josef (60) to be his future heir and head the Safra group.
In the same announcement, Safra reported the setting up of a $50 million research fund to conduct research on Parkinson’s disease. "I estimate that my participation and involvement in the managements of the banks I control will still continue for many years," Safra stated.
This is a dramatic announcement for the family, whose global business is assessed at $100 million. Edmond has headed the group since it was founded. There is another brother, Moise (63), who is not routinely active in the family’s financial businesses. Josef is active in banking in South America, in activities in Israel, and in the cellular field, into which the family entered thanks to him.
Published by Israel's Business Arena November 2, 1998