Safra: The Greek connection behind the bank's entry into Athens

J. Safra Sarasin’s entry into Greece marks the arrival of one of the most powerful names in international private banking in a market that has been striving in recent years to transform itself into a regional wealth management hub.

However, the choice of Athens is not merely a geographical expansion for the Swiss private bank. Behind the international brand lies a family with deep Greek roots, and the bank is positioning an executive in the Greek market who possesses firsthand knowledge of the ecosystem of affluent Greek clients.

With a history spanning over a century and a half, J. Safra Sarasin serves as the international wealth and asset management arm of the Safra family. The bank has evolved into a major player in private banking, managing over 200 billion Swiss francs and serving a clientele that includes entrepreneurs and family offices. In recent years, it has been expanding its business model by adding services related to private markets, M&A, and capital raising for its ultra-wealthy clients.

Consequently, the move into Athens is not an attempt to enter the mass-market banking sector; rather, it is a strategic play focused on wealth management, private banking, and international capital.

Vicky Safra and the Greek link

The Greek dimension of this venture begins with the family itself. Vicky Safra (pictured), who was born in Greece, is currently the head of the Safra family. Forbes reports that she was born in Greece, holds both Greek and Brazilian citizenship, and resides primarily in Switzerland. As of 2026, Forbes estimates her net worth at approximately $27 billion, ranking her among the wealthiest people of Greek descent in the world.

Specifically, she hails from Thessaloniki. This adds a special dimension to the group's decision to establish a physical presence in Greece: the country is not merely another market on Safra’s map, but the birthplace of the woman at the helm of the family fortune.

However, a clear distinction must be made. The Safra family operates various banking businesses internationally. Banco Safra is the major Brazilian banking arm, while J. Safra Sarasin is the Swiss private bank active globally in wealth management. The entry into Greece concerns the latter.

Lia Pittaouli takes on the Greek venture

The second—and equally important—Greek element is Lia Pittaouli.

Pittaouli is taking charge of Safra’s Athens office, bringing with her years of experience in Greek private banking and, crucially, an understanding of the individuals and business families that constitute the natural target clientele for this new operation. Prior to joining Safra, Pittaouli had a long tenure at Eurobank, where she headed the private banking division. Her appointment therefore follows a clear strategic logic: Safra is not launching its Greek operations solely with an international brand, but with an executive who understands the local market and can adapt the bank’s international model to the specific needs of Greek entrepreneurs.

Pittaouli herself had previously described Greece as a market already on Safra’s agenda, noting the group’s existing presence in other European countries.

Why Greece, and why now?

The timing is particularly interesting. Greece now boasts a much larger pool of entrepreneurial wealth; meanwhile, the rise of family offices, the strong presence of the shipping industry, and the repatriation of capital are driving demand for services that go beyond the traditional banking relationship.

For Safra, the business model is highly attractive: a select client base, substantial capital, and needs ranging from investments and private equity to wealth succession planning and international asset structuring.

This is where the two Greek threads of the story converge: Vicky Safra links the ownership to Greece, while Lia Pittaouli links the management to the Greek market.

This makes Safra’s entry into Athens far more significant than the mere granting of a new private banking license. It is the effort of a global family-owned group to bring to Greece a wealth management model targeting the very top of the economic pyramid—led in Athens by a Greek female banker and, at the head of the family, by a woman from Thessaloniki who currently ranks among the wealthiest women in the world.