Brazil’s government chooses Fausto Ribeiro as Banco do Brasil’s next president

André Brandão's departure may deepen investors' perception of the federal government's intervention in state-owned companies, whose shares have been highly volatile in the market in recent weeks.

RIO DE JANEIRO, BRAZIL - The federal government on Thursday, March 18th, announced the appointment of Fausto de Andrade Ribeiro as the next president of Banco do Brasil, following the not-unexpected resignation of André Brandão, the current president of the state-owned bank.

A career employee at Banco do Brasil since 1988, Ribeiro has served as president of BB Administradora de Consórcios investment management company since last year and will be the state-owned bank's 3rd president in approximately 8 months. Brandão took over in August last year, replacing Rubem Novaes, who resigned after being displeased . . .

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