Brazilian bank Banco Safra acquired control of financial conglomerate Alfa for 1.03 billion reais ($192.2 million), the bank said in a statement late on Wednesday.

Alfa, founded in 1925, was controlled by banker Aloysio Faria, who died in 2020. David Safra, one of the controlling shareholders in Grupo Safra, said the acquisition was an important milestone for the bank.

Alfa was advised by Rothschild & Co. Safra's investment bank advised the group.

($1 = 5.3591 reais)