Safra New York Corp. has agreed to buy Delta North Bankcorp in New York.
Safra, the parent of the $9.5 billion-asset Safra National Bank of New York, did not disclose the price it will pay for the holding company of the $493 million-asset Delta National Bank and Trust.
Delta, which has offices in New York and Miami, provides private banking and wealth management services to high-net-worth clients.
“This transaction highlights the importance of the Latin American market for the J.Safra Group and represents an attractive opportunity to expand our position in the region,” Jacob Safra, Safra National’s chairman, said in a press release. “It is a market we know very well and in which we have achieved a highly regarded presence for our clients.”
The deal is expected to close in the first half of next year.