Bradesco Agrees To Compensate Depositors For Losses Due To Government Plans According To CEO Luiz Carlos Trabuco

The Brazilian government had a plan in place during the 1980s and 1990s that tried to stop hyperinflation, and millions of legal disputes resulted from that plan. More than 60 percent of the people who participated in those government plans are getting a refund, according to Brazilian Federation of Banks. Bradesco along with Itaú Unibanco Holding SA, Santander Brasil SA, Caixa Econômica Federal, and Banco do Brasil SA, are giving money back to depositors who got caught in that faulty government plan. Bradesco’s CEO Luiz Carlos Trabuco thinks the unorthodox government policies like confiscating savings accounts and investment 30 years ago did more harm than good. Trabuco should know. He saw the damage first-hand.

In spite of the depositor compensation issue, Bradesco and Trabuco continue to give shareholders and bank customers something to cheer about. Trabuco is now the Chairman of the Board as well as the bank’s CEO until a replacement for that position surfaces. There are seven qualified men in the hunt for Trabuco’s spot. Trabuco has to give up his CEO role because of his age. Bradesco has a CEO age limit, and Trabuco is past the 67-year-old age limit. Brazilian banking legend and only the second man to hold the position of Chairman of Bradesco, Lázaro de Mello Brandão is retiring at the end of the year, and Trabuco will fill his shoes. Even though the legendary banker is retiring, he will still have a desk, and a frank opinion when it comes to developing new bank strategies.

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Bradesco is the second largest bank in the nation, and it is one of the first to have an easy-to-use online banking platform, thanks to Trabuco and Mauricio Machado de Minas, the Chief of the bank’s IT department. Plus, with more than 5,000 bank branches and thousands of ATM locations, Bradesco gives bank customers convenient banking options because that’s what Brazilians want. Trabuco is the maestro of digital banking, but he doesn’t take all the credit. He has a loyal staff of important bank executives, and that’s why seven of them are candidates to replace him as CEO at the beginning of 2018.

Trabuco’s banking career is nothing to sneeze at. He has an outstanding track record when it comes to profitability, assets under management and new banking services. For almost fifty years, Trabuco has given Bradesco the leadership and the expertise it needed to become the best private bank in the country. Mr. Trabuco was not a finance major or an accountant, but his calculating mind and no-nonsense business approach gave the bank the credibility it needed in a country where banks have little credibility. Luiz is at the top of his banking game, and he is ready to pass the CEO position to one of his qualified teammates. IT executive Mauricio Machado de Minas may be the top candidate, but lending officer, Domingos Figueiredo Abreu, and Human Resource Manager, Andre Cano, and are also top candidates.

But some bank employees think Octavio de Lazari, the president of Banco Seguros, may have an advantage. Others say operations executive Josué Augusto Pancini is the top contender. Investment division head, Marcelo Noronha may be the right man for the job, according to some shareholders according to folha.uol.com.br. No matter who gets the job, Luiz Carlos Trabuco will still oversee bank operations, and Lázaro de Mello Brandão will be right next to him watching the bank grow in Brazil’s budding digital banking world. That’s the way Bradesco rolls. The people who work for the bank stay around especially bank executives. Trabuco is the third person in the bank’s history to become the Chairman of the Board.

For more information about Luiz Carlos Trabuco, click http://www1.folha.uol.com.br/mercado/2017/10/1926243-proximo-presidente-do-bradesco-saira-da-diretoria-do-banco-diz-trabuco.shtml