Itau’s Marangon Said to Depart With 4 Directors in Restructuring

Marcelo Marangon, an executive director of Banco Itau BBA SA, and at least four directors have left the bank amid a restructuring with management changes, three people with direct knowledge of the matter said.

The departing directors include Andre Cury, Antonio Sanches, Jorge Bedran Jettar and Paulo di Paula Abreu, said two of the people, who requested anonymity because the departures haven’t been announced publicly. Marangon and the bank declined to comment.

Marangon, the former head of global banking in Brazil for HSBC Holdings Plc (HSBA), was hired by Sao Paulo-based Banco Itau in October 2011 to handle a newly created unit catering to large corporations.

Banco Itau BBA is the wholesale arm of Itau Unibanco Holding SA (ITUB4), the biggest Latin American bank by market value.

To contact the reporter on this story: Cristiane Lucchesi in Sao Paulo at clucchesi5@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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