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The president of Banco do Brasil, André Brandão, asked for his resignation. The information was disclosed through a relevant fact published by the bank on Thursday (18).
In the statement, signed by the Vice President of Financial Management and Investor Relations, Carlos José da Costa, the bank states that the resignation was presented to President Jair Bolsonaro, the Minister of Economy, Paulo Guedes, and the Chairman of the Bank’s Board of Directors. Hélio Lima.
André Brandão, president of Banco do Brasil, speaks during the 38th Meeting of the Governing Council, in Brasilia, in October 2020 – Photo: Alan Santos / PR
Banco do Brasil (BB) informs that Mr. André Guilherme Brandão handed over, on this date, to the Honorable President of the Republic, Jair Messias Bolsonaro, to the Ex. Minister of Economy, Paulo Roberto Nunes Guedes, and to the Hon. The president of the Board of Directors of Banco do Brasil, Hélio Lima Magalhães requests the resignation of the position of president of BB, with effect from April 1, 2021, ”said the bank in the relevant event.
Brandão assumed control of Banco do Brasil in August 2020. He was appointed by the Ministry of Economy and has always had the sympathy of Guedes.
According to Andreia Sadi’s blog, Bolsonaro showed in January 2021 that he was not satisfied with Brandão. The President of the Republic did not like the announcement by Banco do Brasil to close branches throughout the country and open two Voluntary Dismissal Programs. Since then, Brandão’s departure from the bank has become a concrete possibility.
In January, Jair Bolsonaro
Brandão joined the HSBC Group at the end of 1999, in the area of fixed income, sales and currency exchange. In 2001 he assumed the position of Treasury Director and was subsequently promoted to Treasury Executive Director.
He also served as director of the bank’s market area for all of Latin America, before becoming president in 2012.
Brandão has more than 20 years of experience in the financial market. In addition to HSBC, he has also worked at Citibank, between São Paulo and New York.
See the full fact of the matter disclosed by Banco do Brasil:
In accordance with § 4 of art. 157 of Law No. 6,404, of December 15, 1976, and with CVM Instruction No. 358, of January 3, 2002, Banco do Brasil (BB) informs that Mr. André Guilherme Brandão delivered, on this date, to the Hon. . Mr. President of the Republic, Jair Messias Bolsonaro, to His Excellency. Minister of Economy, Paulo Roberto Nunes Guedes, and Ilmo. Chairman of the Board of Directors of Banco do Brasil, Hélio Lima Magalhães request to resign from the position of Chairman of BB, with effect from April 1, 2021.
2. If the resignation is accepted by the President of the Republic, the appointment of the new president of BB must be made in the manner of article 24, paragraph I of the BB Bylaws.
3. Any additional facts that are considered relevant will be promptly communicated to the market.
Brasilia (DF), March 18, 2021.
Carlos José da Costa André
Vice President of Financial Management and Investor Relations
