-Caveat Lector-
from:
http://news.bbc.co.uk/hi/english/world/europe/newsid_548000/548288.stm
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HREF="http://news.bbc.co.uk/hi/english/world/europe/newsid_548000/548288.stm">
BBC News | EUROPE | Billionaire banker dies in …</A>
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Friday, 3 December, 1999, 14:36 GMT
Billionaire banker dies in attack
Mr Safra died in his top-floor apartment in Monte Carlo
One of the world's richest men has died in a fire in his apartment in Monaco
after an attack by two armed men.
Edmond Safra, listed as one of the world's top billionaires by Forbes
magazine, took refuge in his bathroom with his daughter's nanny after two men
armed with knives broke into the luxury seaside apartment.
Both died from suffocation after the intruders started a fire in the
apartment, according to the principality's press service.
His wife and daughter, who had barricaded themselves in another room, escaped
unharmed.
The family bodyguard was seriously wounded in the attack and is in a critical
condition in the Princess Grace Hospital.
Police in Monaco are now trying to examine whether the attack was linked with
Mr Safra's business activities.
Mr Safra's banks had a reputation for being safe
Mr Safra, 68, was born in Beirut and started his career in private banking at
the age of 16. At 24 he founded his first bank in Brazil, the first of three
in different parts of the globe.
He acquired a reputation as a banker with the Midas touch, with a legendary
ability to read the markets.
Sale to HSBC
His businesses are unusual in that they are built on deposits rather than
lending - loans make up less than 30% of their total assets.
In 1966 he founded the Republic National Bank of New York, and was a major
shareholder in the bank.
The attack on Thursday came during the final stages of the purchase of the
bank by London-based HSBC Bank.
Last month he agreed to reduce by £280m the amount he would make from the
deal.
His decision to sell the bank had come as a surprise to some. It has been
speculated that his exit may be due to heavy losses on Russian securities
last year.
Monaco police have appealed to the French police for help in finding the
attackers.
HSBC said in a statement that it was "appalled" at the news.
Its shares in London fell 2% after the announcement.
Mr Safra had been expected to take an active role in ensuring a smooth
transition for Republic's clients.
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