Brazil: Is the next ‘Petrobras drama’ brewing at Banco do Brasil?

RIO DE JANEIRO, BRAZIL – The Ministry of Economy’s nominee for the presidency of Banco do Brasil (BB), Fausto Ribeiro, was interviewed by three of the financial institution’s board members, who considered him unsuitable for the position. The appointment, if confirmed by President Jair Bolsonaro, may open a crisis in the board – as seen in Petrobras.

The putative nominee, current president of BB Consórcios, was interviewed by the two independent members – Hélio Magalhães, chairman of the board, and José Guimarães Monforte – and by the coordinator of the People, Compensation and Eligibility Committee, Luiz Serafim Spinola Santos. The latter is also an independent board member appointed by minority shareholders.

Source: Valor investe

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