the safra family moved to brazil in 1952. in 1955, joseph's 23-year-old brother, edmond safra, and his father, jacob safra, started working in brazil by financing assets in são paulo. but soon, edmond safra separated from his brothers joseph and moise and headed to new york where he founded the republic national bank of new york (which he later sold to hsbc in 1999 and donated most of his money to the edmond safra foundation). joseph safra founded banco safra in 1955 and today it is reportedly the 6th largest private bank in brazil. he remains the chairman of the safra group offering banking services throughout europe, north and south america.