Bradesco Shareholders Confirm The Appointment Of Octavio De Lazari As CEO

Brazilians know the name Luiz Carlos Trabuco. Trabuco is the face of the second largest bank in the country. Trabuco was the Chief Executive Officer and president of Banco Bradesco for the last seven years. During that time, Trabuco gave the bank more than anyone expected in terms of new assets as well as new banking services.

Mr. Trabuco knew his bank would have to stay ahead of other Brazilian banks by offering new online and mobile banking services. Mr. Trabuco gets high marks for developing digital banking services before other banks in Brazil. According to critics, Bradesco has to do more in the digital world in order to stay competitive with tech startups. But Trabuco seems to take that criticism with a grain of salt.

Luiz Carlos Trabuco has a knack for staying ahead of the banking curve in Brazil. He proved that when Bradesco took over HSBC’s Brazil operation in 2015. The acquisition of that operation gave Bradesco more than 5,300 local bank branches and more than 12, 500 ATM locations. But many of those local bank branches competed with each other, and that was the kiss of death for many of those branches. Trabuco and his executive team started closing branches in 2017. And according to new CEO Octavio de Lazari, the bank will continue to close branches in 2018. Octavio de Lazari is replacing Trabuco as CEO, and Mr. Trabuco is replacing Bradesco long-time Chairman Lázaro de Mello Brandão. Lázaro de Mello Brandão is finally retiring after 75 years of service.

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Mr. Lazari is another long-time Bradesco employee. He started his banking career in 1978. Lazari and Trabuco are former bank trainees. Both men followed similar paths to the top of the banking food chain. The bank’s future profit picture depends on their ability to work together as well as their ability to keep the executive team on top of the changes that are going on in the largest country in Latin America according to valor.com.br. Shareholders have faith in Trabuco thanks to his performance record in banking as well as his environmental initiatives. Lazari banking track record is as impressive as Trabuco’s, according to some of the Bradesco employees who worked with him at Seguros, the bank’s insurance division.

Bradesco is facing challenges in 2018, according to some media reports. Critics of the bank say the bank must close more bank branches in order to make income projections in 2018. Lazari said the bank will close another 500 locations in 2018 as well as give more customers the opportunity to borrow money. Interest rates are down, but there is a presidential election in 2018, and that could change the political dynamics going forward. But according to Trabuco, the bank is insulated from government changes because most of the bank’s profit comes from investments, insurance policies, and other bank services. Most Bradesco employees think Lazari will be as effective as Trabuco was in the CEO position. And they say Trabuco will be a great asset to the bank’s Board of Directors as Chairman.

Check more about Luiz Carlos Trabuco: http://www.valor.com.br/financas/5306443/bradesco-anuncia-octavio-lazari-no-lugar-de-luiz-carlos-trabuco