<LI>Uto Bank Acquired By Jacob Safra Holding And Now To Be Named Bank Jacob
Zurich, Switzerland - Swiss Jacob Safra Holding Ltd. today announced it has
acquired Uto Bank of Zurich and has been approved by the Swiss Federal Banking
Commission to operate the Bank under the name Bank Jacob Safra (Switzerland)
Bank Jacob Safra (Switzerland) Ltd. will primarily focus on Private Banking.
It will operate from Zurich and intends to move in the near future into its own
building at Paradeplatz (Bleicherweg 1) and to open a branch in Geneva where the
building 68, Rue du Rh&#244;ne has been acquired.
Joseph Safra, who is Chairman of the Board of the bank and controls Jacob
Safra Holding Ltd. stated: &quot;I consider Switzerland as an important strategic
location for international banking, and the Bank will build on the 150 years of
banking experience and tradition of the Safra family. This tradition is
protecting and prudently growing the clients' capital, while providing the
highest level of personal expertise and service to meet the clients' needs.&quot;
Bank Jacob Safra (Switzerland) Ltd. is named in memoriam of Jacob Safra, the
father of Joseph and Moise Safra who built-up and continue to jointly control
the unrelated Safra Group with a total equity of close to US dollars 4 billion.
Jacob Safra founded at the beginning of the 20th century a bank in Beirut
continuing the already then long-standing banking tradition of members of the
Moise Safra commented on this important venture of his brother Joseph: &quot;I am
proud that Bank Jacob Safra keeps the memory of our father alive. Joseph's
outstanding experience as a banker warrants that he assumes the responsibility
and ownership of this Bank.&quot;