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Edmond Safra
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Edmond J. Safra (; August 6, 1932, Beirut, Lebanon – December 3, 1999, Monaco) was a Jewish Brazilian-naturalized, Lebanese banker who continued the family tradition of banking in Lebanon, Brazil and Switzerland. He was married to Lily Safra.
Safra family is a Lebanese Jewish family from Beirut. The Safras were engaged in the financing of trade between Aleppo, Istanbul and Alexandria. His father, Jacob Safra, had opened the J.
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Edmond J. Safra (; August 6, 1932, Beirut, Lebanon – December 3, 1999, Monaco) was a Jewish Brazilian-naturalized, Lebanese banker who continued the family tradition of banking in Lebanon, Brazil and Switzerland. He was married to Lily Safra.
Life of Edmond Safra
The Safra family is a Lebanese Jewish family from Beirut. The Safras were engaged in the financing of trade between Aleppo, Istanbul and Alexandria. His father, Jacob Safra, had opened the J. E. Safra Bank in 1920. By the time he was sixteen, Edmond Safra was working at his father's bank and was engaged in the precious metals and foreign exchange aspects of the business.
In 1949, the Safra family moved to Italy. Edmond Safra worked for a trading company in Milan. The family moved once again in 1952, this time to Brazil, where Edmond Safra and his father founded their first Brazilian financial institution in 1955.
In 1956, Edmond Safra settled in Geneva to set up a private bank, the Trade Development Bank, which grew from an original $1 million to $5 billion during the 1980s. He found the business climate to be favorable and extended his financial empire, making it a point of honor to satisfy his wealthy clients from around the world. Safra also founded the Republic National Bank of New York in 1966. He later opened Republic National Bank of New York (Suisse) in Geneva. Republic bank operated 80 branches in the New York area, making it the number three branch network in the metropolitan region behind Citigroup and Chase Manhattan. In 1988, he also founded Safra Republic Holdings S.A., a bank holding company.
The sale of Trade Development Bank to American Express for more than $450 million in 1983, turned into a legal battle between the two parties. The financier came out on top, winning a public apology from American Express for starting a smear campaign against him and $8 million in damages, all of which he donated to charities including the Red Cross and the University Hospital of Geneva.
By the early 1990s, Edmond Safra's fortune was an estimated at $2.5 billion. He was a major philanthropist during his lifetime, and he left his wealth to the Edmond J. Safra Philanthropic Foundation, which supports hundred of projects in fifty countries around the world in the areas of education, science and medicine, religion, culture and humanitarian assistance.
As he approached his 60s, the financier divided his time between his homes in Monaco, Geneva, New York and Villa Leopolda on the French Riviera. Weakened by Parkinson's disease, Safra required nursing care. In December 1999, Edmond Safra was killed in a fire that was determined to be arson.
Ted Maher, his U.S.-born nurse, was arrested under suspicion of starting the fire, and was convicted of the crime in 2002 by the Monaco Court. He claimed that he started the fire to carry out a daring rescue, and thus increase his standing in the Safra family's eyes but he allegedly lost control of the fire unintentionally.
The details of Mr Safra's passing were discussed by media outlets including 60 Minutes, CBS 48 Hours, Dateline NBC and Dominick Dunne in Vanity Fair.
Philanthropic activities
Edmond J. Safra supported educational, religious, medical, cultural, and humanitarian causes and organizations around the world, and the Edmond J. Safra Philanthropic Foundation carries on this work today in his memory.
Committed to his Jewish faith, he believed that constructing and renovating synagogues was important in places where there was a potential for a Jewish community to flourish, and synagogues around the world bearing his father’s name testify to this commitment. Many of these were built in the world’s major Jewish centers, but he also helped to build synagogues in more remote communities such as Manila and Kinshasa.
500 years after the last synagogue was built in Madrid he constructed a new one. He also helped to renovate and enlarge synagogues in Amsterdam, Istanbul, Naples, Budapest, Rhodes, and Vienna. He saved the oldest synagogue in France, Clermont-Ferrand, from destruction by buying it for the community, and he contributed to the expansion of the Cannes synagogue and Synagogue Beth El in Paris. He also helped refurbish synagogues in many small French cities including Evian, Annemasse, and others.
In addition to supporting a number of synagogues in Israel, the tombs of Rabbi Meir Baal Haness and Rabbi Shimon Bar Yohai were especially important to Edmond Safra, and he was without question the most generous supporter of these holy pilgrimage sites. For many years on Shavuot (Pentecost) eve, the day of the anniversary of his father’s death, he would pray at the tomb of Rabbi Meir until dawn.
During his lifetime Edmond J. Safra donated millions of dollars to provide medical treatment for the sick. Hospitals across the globe – the Hôpital Cantonal de Genève, the Hôpitaux de France, and countless institutions in the United States, for example – benefited enormously from Edmond Safra’s generosity. He was one of the founders of Albert Einstein Hospital in São Paolo, today one of South America’s largest and most prestigious medical centers. In Israel, he initiated the construction of the cutting-edge Edmond and Lily Safra Children’s Hospital at Tel Hashomer.
In the area of medical research, he was a significant supporter of the Institut Pasteur in Paris, the Weizmann Institute in Israel, the Michael J. Fox Foundation for Parkinson's Research and a number of different centers studying specific diseases in France, the United States, and elsewhere around the world. He created the Edmond and Lily Safra Chair in Breast Cancer Research at Tulane University.
Edmond J. Safra believed higher education was essential for every young person in the modern world, even though he himself never attended university. He provided university scholarship funds for tens of thousands of needy students through the International Sephardic Education Foundation (ISEF), an institution he and his wife established in 1977 to support deserving Israeli students. Recipients of ISEF scholarships have distinguished themselves across the globe in every discipline.
Edmond J. Safra also helped universities directly, often through the support of chairs and particular programs (such as Judaic Studies). For example, at Harvard University he endowed the Jacob E. Safra Professorship of Jewish History and Sephardic Civilization, and he gave significant funds for the Robert F. Kennedy Visiting Professorship in Latin American Studies. At the University of Pennsylvania’s Wharton School of Business, he created the Jacob E. Safra Professorship of International Banking and the Safra Business Research Center.
He was a significant benefactor of the American University of Beirut, and he was awarded Honorary Doctorates by the Hebrew University of Jerusalem and Yeshiva University (where he established the Jacob E. Safra Institute of Sephardic Studies) for his ongoing support of those institutions.
With respect to younger children’s education, Edmond Safra was especially devoted to schools in the cities where he lived – for example, he founded Ecole Girsa, Geneva’s first and largest Jewish school. He took great pride in founding the Beit Yaacov school in Bat Yam, which has been consistently rated among the best of Israel’s schools. He was also one of the world’s most significant benefactors of yeshivot (religious schools training young men to be rabbis, Jewish teachers, and judges), assisting numerous institutions worldwide.
Honors
Recognized worldwide for his philanthropy, Edmond J. Safra was named Commandeur de l’Ordre des Arts et des Lettres and Chevalier de la Légion d’Honneur by the French government; Commandeur de l’Ordre de Mérite by the Grand Duke of Luxembourg; and Commandeur de l’Ordre de Rio Branco by the government of Brazil.
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