Joseph took over running Banco Safra with his younger brother, Moise, after older brother Edmond left to build banks in Europe and New York. Edmond, who sold Republic National Bank of New York to HSBC Holdings Plc for $10 billion in 1999, died that year in Monaco, the victim of arson; his nurse, former Green Beret Ted Maher, later confessed to setting the fire.

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