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Bolsonaro Mulls Dismissal of State-Controlled CEO

BRAZIL

A story that has been garnering market attention is that of the potential dismissal of Banco Do Brasil's CEO Andre Brandao, following an announcement of a restructuring/downsizing plan.


The latest headlines state that Banco do Brasil hasn't received any formal communication from the controlling shareholder about any decision on an alleged removal of Brandao from office, in a regulatory filing.


However, local press are reporting Bolsonaro has made his decision to dismiss the CEO, with Guedes attempting to dissuade the President. If confirmed, this event may weaken markets' perception surrounding the progress of the privatisation agenda in Bolsonaro's government.

  • Banco do Brasil share price came under further pressure earlier and remains down 3.5% this year
  • Banco do Brasil SA trading volume rose to more than triple the 20-day average earlier today for that particular time of day as headlines hit the wires.

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