Banco do Nordeste Advances Most Since August After Replacing CEO

Banco do Nordeste do Brasil SA, a state controlled-bank, rose the most in 10 months after replacing its chief executive officer.

Shares gained 13 percent to 21 reais today in Sao Paulo, the biggest advance since Aug. 11.

Banco do Nordeste’s Business Director Paulo Sergio Reboucas Ferraro was named interim CEO, replacing Jurandir Vieira Santiago, who resigned from the post, according to a regulatory filing today.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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