RIO DE JANEIRO / BRASILIA Brazil chose Andre Brandao, head of global banking and markets for the Americas at HSBC in the country, as the new chief executive of state-controlled lender Banco do Brasil SA, a government source said Saturday.
Investment banker Brandao, who has around 20 years of experience with HSBC, Citi and others, will replace Rubem Novaes, who submitted his resignation last month and will leave later in August.
Local media, including newspapers Valor Economico and O Globo, reported on Saturday that Economy Minister Paulo Guedes gave the green light to Brandao's nomination, but it will not be officially announced for a few days.
Neither Banco do Brasil nor the Ministry of Economy responded to Reuters' requests for comment.
Speaking on condition of anonymity, the source said Brandao accepted the offer.
“He has a profile of Roberto Campos Neto. He is young and ready to streamline, modernize and digitize the bank, ”said the source, referring to the president of the central bank who also came from the world of investment banking.
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