In October last year, the second largest bank in Brazil began a journey that would see a change in the top leadership at the bank. This was after the former chairman, stepped down from his role at the age of 91 years. During his resignation, Lazaro Brandao was the oldest serving chairman of a financial institution.
The appointment of Luiz Carlos Trabuco Cappi came at a time when Bradesco bank was experiencing stiff competition from their rivals, Itau Unibanco. Previously, he served in the institution as the president for nine years and the appointment came at a time when Luiz was about to celebrate his 10th year anniversary as the president of Bradesco.
The appointment of the new president
Following the appointment of Luiz as the chairman of the bank, the board of directors was required by the law to name the next president one month before the general shareholders meeting that was held in March this year. The banking regulations in Brazil don’t allow an individual to hold the offices of the president and chairman of the bank simultaneously for more than three months. The bank was forced to amend some of its regulations to allow Luiz Carlos Trabuco Cappi to continue serving as the president past 65 years.
Octavio de Lazari was named as the replacement for Luiz and his appointment was confirmed during the general shareholders meeting in March this year. Both Luiz and Octavio de Lazari are among the longest-serving employees at Bradesco bank. Octavio who is currently at 58 years started serving in the company in 1978 while Luiz Carlos Trabuco Cappi began working as a banking clerk in 1969.
Read more: Bradesco anuncia substituto de Trabuco
The two have scaled the leadership ladder over the years to get to the top positions in Bradesco. Luiz worked in Bradesco Seguros from 2003-2009 as president before he was appointed to become the president. Octavio de Lazari also served in the same division before his recent appointment. The two gentlemen have brought forth several initiatives that helped to make Bradesco Seguros the best insurer in Latin America.
While talking to the journalists, Carlos Trabuco defended the appointment of Octavio de Lazari arguing that it was done on merit. Seven candidates lined up for the position of the president of Bradesco but the hammer fell on Octavio de Lazari. He has a wealth of experience especially in credit and insurance where he has been working for the last three decades.
Even with the change in leadership, Bradesco managed to end 2017 on a high note. The bank recorded annual revenues that amounted to $76.3 billion Real. The company’s management hopes that the new leadership in the bank led by Luiz Carlos Trabuco Cappi will help to place the bank in the leading position after it was snatched by their rivals a few years ago.
The Brazilian economy has also improved significantly over the last few years. Experts in the banking industry predicted that customers would enjoy low-interest rates. The inflation levels have also been going downwards and the GDP has grown by 2-3 percent.