Brazil’s Meirelles Names Caffarelli, Occhi to Lead State Banks

  • Caffarelli appointed CEO of Banco do Brasil; Occhi for Caixa
  • Both executives spent most of their careers at state banks

Brazil Finance Minister Henrique Meirelles appointed new leadership for the nation’s biggest state-owned banks two weeks after Michel Temer took over as acting president.

Paulo Rogerio Caffarelli, 50, corporate executive director at steelmaker Cia. Siderurgica Nacional SA, was named to replace Alexandre Abreu as chief executive officer of Banco do Brasil SA, the nation’s largest bank by assets, according to an e-mailed statement Wednesday. Gilberto Occhi, 58, who was Dilma Rousseff’s minister of integration until last month, will head Caixa Economica Federal, which has Brazil’s second-largest domestic portfolio of loans.

Before joining CSN, Caffarelli was at Banco do Brasil for more than 30 years, recently as vice president for the international area and wholesale banking. He also worked at the finance ministry and at Banco Patagonia SA. He has three children.

Occhi, a lawyer, has spent his career at Caixa and was the bank’s head of government affairs from 2013 to 2014.

Under Rousseff, the two Brasilia-based companies reduced lending margins, gaining market share from publicly traded banks such as Itau Unibanco Holding SA and Banco Bradesco SA, Latin America’s biggest and second-biggest banks by market value, respectively. That policy drew criticism from analysts and investors for weakening the companies’ credit quality.

Temer’s Moves

Temer appointed Maria Silvia Bastos Marques, a former CEO of CSN, to lead the development bank, BNDES, on May 16. The acting president also appointed Pedro Parente, a former energy minister, to head oil producer Petroleo Brasileiro SA.

Temer is forming his administration after the Senate voted on May 12 for Rousseff to step aside and face an impeachment trial. The acting president picked former Wall Street banker Meirelles as finance minister to boost investor confidence that the nation will recover from a steep recession. To run the central bank, Temer named Itau’s chief economist, Ilan Goldfajn, with a mandate to control inflation.

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