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Richest banker in the world Joseph Safra weighs up bid for Travelex
- Joseph Safra is ranked by Forbes as the world's richest banker with $25.2bn
- An investment firm working for the Safra family is a potential Travelex bidder
By
BEN HARRINGTON FOR THE MAIL ON SUNDAY
A family investment vehicle backed by the world's richest banker is weighing a takeover bid for airport currency giant Travelex.
City sources said an investment firm working for the Safra family is one of the potential bidders to have lodged interest in buying Travelex with advisory group PWC, which has been appointed to find a buyer.
The head of the Safra dynasty is Joseph Safra, who is ranked by Forbes magazine as the world's richest banker with an estimated fortune of $25.2billion.
An investment firm working for the Safra family is one of the potential bidders to have lodged interest in buying Travelex with advisory group PWC
The secretive family, originally from Lebanon but now based in Brazil, built their fortune through private banks. Today they own a wide range of assets, including the Gherkin building in the City.
The family's interest comes as Travelex wrestles with the impact of an apparent fraud at its owner, a cybersecurity attack at the start of the year and a big downturn in sales following the Covid-19 crisis.
Travelex relies on footfall at airports, which have been hammered by the pandemic's impact on aviation. It was set up by entrepreneur Sir Lloyd Dorfman in 1976 with one small bureau de change in London.
Joseph Safra is ranked by Forbes as the world's richest banker with a $25.2bn fortune
