Bradesco is one of the top banks in the world. Even though Brazil has economic recovery on its mind, Brazilian banks are putting more profit on their bottom lines. The banks aren’t using home or car loans interest to make millions. A lot of Bradesco’s profits come from investments and their insurance division, Banco Seguros. The man responsible for the profitability of Seguros is fifty-four-year-old Octavio Lazari Jr. He is the current president of Bradesco’s insurance and the next CEO of the bank if the shareholders vote him for him at the March 12th shareholders meeting. The current CEO Luiz Carlos Trabuco is stepping down because, at 67-years-old, he is past the CEO age cap of 65.
Trabuco is not leaving the bank. He is the new Chairman of the Board of Bradesco. He replaces Lázaro de Mello Brandão, the man who took founder’s Amador Aguiar place as Chairman. Mr. Trabuco is only the third chairman in the bank’s 75-year-old history. Amador Aguiar and Lázaro de Mello Brandão were both instrumental in bringing Trabuco up through the banking ranks. Aguiar and Brandão gave Trabuco a job as a trainee in 1969 even though he didn’t have a banking background or a degree in economics or finance. Trabuco was a people’s person with degrees in philosophy and psychology, so he did have some banking personality traits. He just wasn’t a typical accounting or finance banking trainee. But Trabuco was a fast learner. He was a director of the bank during the tumultuous 1970s and a vice-president in the 1980s. He took over as president of the bank at the end of 2009 after six successful years as the president of Seguros.
According to bank memo written by Núcleo Cidade de Deus on February 5, 2018, four other CEO candidates, Alexandre da Silva Glüher, Josué Augusto Pancini, Domingos Figueiredo de Abreu, and Maurício Machado de Minas are in line to become members of the board of directors if the shareholders approve their nominations and elect them as board members. Most of Trabuco’s executive team will reap the rewards of new positions or extra responsibility when Lazari takes over in March. Brandão will still have a desk, and he will play a part in the bank’s new executive structure. But he is officially off the executive team and the board. But at 91, he is still the oldest bank executive in the history of Brazilian banking.
Bradesco’s board thinks Lazari background and his age will help the bank maintain its position in the international banking world. In another February 5, 2018 memo, Núcleo Cidade de Deus gives stockholders a chance to review Lazari’s impressive education credits as well as his successful banking positions. Lazari has more than 40 years of service with Bradesco and his track record for producing profit for the bank is well-known. Lazari is a graduate of the College of Economics and Administration in Osasco. He also studied Financial Strategies and Marketing at Fundação Instituto de Administração.
Bradesco has momentum behind them after a successful 2017. Trabuco Bradesco and the executive team gave the bank the direction to focus on the IT part of banking, and that is changing the direction of banking in Brazil. IT Vice-President Maurício Machado de Minas put the bank in a position to take advantage of the Brazilian mobile phone craze. Brazilian across the country are using their mobile devices to bank, and Trabuco and Maurício Machado de Minas are responsible for putting new data-based banking programs in place. Those programs will continue under the new Lazari’s administration.
Learn more about Luiz Carlos Trabuco: http://economia.estadao.com.br/noticias/geral,bradesco-anuncia-substituto-de-luiz-trabuco-na-presidencia-do-banco,70002178384