On January 12, Bradesco announced that it had promoted Luiz Carlos Trabuco Cappi to chief executive, replacing Marcio Cypriano. Cappi previously headed the bank’s insurance unit. Cypriano will continue as chairman and chief executive of the bank until the annual shareholder meeting in March. After 10 years in the role Cypriano was not able to renew his contract because he had reached the mandatory retirement age of 65 years.
Meanwhile the Bank for International Settlements board has elected a new chairman, Guillermo Ortiz, the governor of Mexico’s central bank. Ortiz will serve for three years from March 1, when Jean-Pierre Roth steps down.