With over five thousand branches and revenues running into tens of billions, Banco Bradesco SA is scaling the heights of the Brazilian banking sector. Bradesco, which is headquartered in Osasco, is a significant private bank in Brazil coming just after Itaú Unibanco. In fact, were it not for the merger between Itaú and Unibanco in 2009, Bradesco would still be the largest private bank in the Latin America country.
While market leadership is not as essential as quality service delivery to clients, Bradesco’s business strategies in the recent past reveal a financial firm that is interested in regaining market leadership. Case in point is Bradesco’s acquisition of the Brazilian retail unit of HBSC in 2015 which put the bank ahead of Itau Unibanco regarding branch network, number of account holders and total investment funds. Although the $5.2 billion acquisition did not elevate Bradesco above Itaú Unibanco in terms of assets, deposits, and loans granted to borrowers, it did put Bradesco close second to its rival. The $5.2 billion acquisition was termed the most significant one in Brazil in 2015, and it was spearheaded by the then chairman of the board of directors, Lazaro de Mello Brandao, and CEO, Luiz Carlos Trabuco. Isto É Dinheiro Magazine named Trabuco, who is still the CEO and was recently appointed the chairman to succeed Brandao, the “Entrepreneur of the Year,” in the finance category following the 2015 purchase of HSBC.
Brandao and Trabuco were quite the formidable duo. The two worked seamlessly in the interest of Bradesco and accomplished a lot for the bank cementing its position in the Brazilian financial industry. Trabuco was appointed as the president of Bradesco in 2009, succeeding Marcio Cypriano. At the time of Trabuco’s appointment, Brandao was already the chairman of the bank. In fact, he had held the post for 18 years. Although Trabuco was, and still is, Brandao’s junior, Brandao offered him support and the two worked harmoniously. But it was not the first time for Brandao to work with another CEO; Marcio Cypriano was appointed the president of Bradesco in 1999 when Brandao was the chairman of the bank, and he worked with him for ten years.
Brandao was first appointed to senior management in 1981 when Amado Aguiar, the entrepreneur behind Bradesco, stepped down. He was the second CEO of Bradesco. Brandao was the CEO with Aguiar as the chairman of the board of directors of the bank for 10 years according to folha.uol.com.br. When Aguiar stepped down in 1991, Brandao took over the chairmanship mantle from him. He then doubled up as the chairman and the CEO of the bank until 1999 when Cypriano stepped in. Brandao, however, continued as the chairman of Bradesco until October 11, 2017. At the time of his resignation, the 91-year-old Brandao had served Bradesco for 74 years. So much for the man who started his career at Bradesco as a clerk in 1943.
Bradesco named Trabuco the new chairman of the bank. But while he is capable of doubling up the chairman and president of the institution, his tenure as CEO will elapse in March. The bank will have to appoint a new CEO to fill the vacancy that will be left by Trabuco. As is the norm at Bradesco, chairpersons and CEOs are selected exclusively from within the company. Presently, seven Bradesco’s staff are seen as the overdogs in the succession contest. They include Alexandre da Silva Gluher, Domingos Figueiredo Abreu, Josué Augusto Pancini, Marcelo de Araujo Noronha, Octavio de Lazari, and André Rodrigues Cano. The seven are either heads of departments, Bradesco’s subsidiaries, or in charge of crucial roles.
Search more about Luzi Carlos Trabuco: https://www.terra.com.br/economia/trabuco-assumira-presidencia-do-conselho-do-bradesco-banco-nomeara-novo-chefe-executivo-em-marco,9fb1d7fe927d7f26678a7543f82f02edw3u6oihm.html