Brazil Names New Heads of Banco do Brasil and Caixa Economica Federal

Jeffrey T. Lewis – The Wall Street Journal, 05/25/2016

SÃO PAULO—Brazil’s finance ministry named two experienced insiders as heads of state-controlled lenders Banco do Brasil SA and Caixa Econômica Federal, as the new government of acting President Michel Temer continues to put its own people in top positions.

Paulo Rogério Caffarelli was named president of Banco do Brasil, the biggest bank in the country by assets, and Gilberto Magalhães Occhi will be president of Caixa Econômica Federal. Mr. Caffarelli will replace Alexandre Abreu, and Mr. Occhi will replace Miriam Belchior, who had both been appointed by suspended President Dilma Rousseff.

Ms. Rousseff had to step aside two weeks ago to face an impeachment trial in the country’s Senate, and was replaced by her vice president, Mr. Temer, who named a new cabinet and put new people in charge of state-controlled companies including Petróleo Brasileiro SA, or Petrobras, and the BNDES state development bank.

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