Bradesco offers its customers more than 60 thousand physical service points. There are more than 5,000 branches and thousands of ATM service centers around the country. Some executives on the Bradesco team think that is too many to support. The reason for the switch in banking philosophy is due to the surge in mobile phone use. Brazilians are using their phones to bank as well as shop.
The old bank branches are turning into expensive dinosaurs. There is a definite change going on in the banking industry, and some private Brazilian banks are expanding into the global market in order to hit revenue projections according to insiders.morningstar.com. Bradesco, on the other hand, is exceeding revenue projects because CEO and Chairman Luiz Carlos Trabuco continues to show great leadership abilities.
Trabuco and his team set up the all-digital franchise, Next. Next is one of the bank’s greatest achievements, according to Mauricio Machado de Minas. Mauricio Machado de Minas is the guy that actually put the Next program together for Bradesco.
Mauricio Machado de Minas is the current vice-president of Bradesco’s IT division, and he is also in line to take Trabuco’s position as CEO. Trabuco is moving into the Chairman of the Board’s office. The longest running Chairman of the Board in Brazil’s banking industry, Lázaro de Mello Brandão, is retiring, and the board gave his position to Trabuco. Mr. Trabuco will serve as CEO and chairman until his replacement takes over at the beginning of 2018. Even though 91-year-old Lázaro de Mello Brandão is retiring, he will still have an office in the bank. Trabuco and Brandão will continue to consult and plan when Brandão is available.
Bankers tend to move from bank to bank in order to move up the banking pecking order, but Luiz Carlos Trabuco did that without ever leaving Bradesco. Luiz got his entry-level banking job in 1969 after earning a degree in philosophy from the University of Sao Paulo.
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He also did graduate work in psychology at Fundação Escola de Sociologia e Política de São Paulo. Trabuco is one of those likable managers who understand what it takes for banking teams to succeed. He also knows Bradesco must stay current if the bank wants to attract more foreign investors.
Some Bradesco executives think the seven candidates for CEO job are good choices. They all know what Trabuco and the board expects, and they know how to make the board’s expectations happen, according to some of the candidates. Mauricio Machado de Minas, as well as human resource VP, Andre Cano, investment VP, Marcelo Noronha and Seguros President Octavio de Lazari, are on the shortlist for CEO. Some people think Chief loan officer Domingos Figueiredo Abreu has a shot at the job, and other people like Josué Augusto Pancini, because he is the VP in charge of all the bank branches.
The decision to name a new CEO and Chairman of the Board comes at a good time for Bradesco. Wall Street is telling investors to buy the bank’s stock in 2018. Some investors aren’t waiting, thanks to outstanding third quarter results. The bank is beating last year’s revenue, loan, and assets under management numbers.
But one of the main reasons for the investment interest in Bradesco is the economic recovery that is taking place in Brazil. According to the Brazilian government, the worst recession in modern times is over. But there are still political issues and dirty laundry to address.
And the uncertainty that surrounds the governmental stagnation still creates doubt in the minds of some foreign investors. Brazilian President Michel Temer is making bilateral trade agreement progress, and the Central Bank is lowering interest rates. Trabuco thinks that’s good news, so the bank is planning to expand their loan portfolio in 2018.
Learn more about Luiz Carlos Trabuco: https://www.terra.com.br/economia/trabuco-assumira-presidencia-do-conselho-do-bradesco-banco-nomeara-novo-chefe-executivo-em-marco,9fb1d7fe927d7f26678a7543f82f02edw3u6oihm.html