The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Awards

Latin America's best bank transformation 2019: Banco do Brasil

Awards for Excellence 2019

Banco do Brasil wins the award for the region’s best bank transformation. 

While its transformation began with the appointment of Paulo Caffarelli in May 2016, it is in the past 12 months under the leadership of his successor, Rubem de Freitas Novaes, that the results have matched the strategy.

Banco do Brasil was severely weakened under former president Dilma Rousseff, who tried to use the public-sector banks as a macro-prudential tool to spur growth and force the private banks to lower interest rates; as a result the bank’s financials were on the floor. 

Caffarelli focused on moving Banco do Brasil towards private-sector levels of profitability. He also moved to improve the banks common equity tier-1 (CET1), pursuing non-core sales to boost capital and lowering costs through a redundancy programme. 

Rubem Novaes_160x186
Rubem de Freitas
Novaes

The bank also reconfigured senior management compensation to align performance to its new profitability goals and moved to improve the use of technology to make the bank more efficient. 

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree