HSBC’s Andre Brandao picked to head Banco do Brasil: reports By Reuters

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BRASILIA (Reuters) – Brazil’s government has chosen Andre Brandao, head of global banking and markets for the Americas at HSBC in the country, as the new chief executive of state-controlled lender Banco do Brasil SA (SA:), local media reports said on Saturday.

Brandao will replace Rubem Novaes, who tendered his resignation last month and will leave later in August.

Banco do Brasil and the Economy Ministry did not respond immediately to a request for comment, although earlier on Saturday a ministry spokesperson said they could not confirm anything yet.

Local media, including newspapers Valor Economico and O Globo, reported that Economy Minister Paulo Guedes has given the green light to Brandao’s nomination, but it will not be officially announced for a few days.

The government has been seeking as a replacement executives with backgrounds both in finance and technology to handle fiercer competition among banks and fintechs.

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