Major changes are coming to Bradesco, Brazil’s largest bank. A number of personnel changes at the highest level have been announced by the banking giant, starting with the departure of longtime chairman Lazaro Brandao. Brandao has worked for the company for an incredible 75 years, first coming to the firm while Europe was still in the grips of World War II. Over the course of his career, he was served in almost every executive role available at the firm, including that of CEO, and has overseen a period of the most spectacular growth of, perhaps, any company in Brazilian history.
Such is the stature of the man that many can hardly imagine the firm without his presence. But Brandao has diligently reassured them that his successor, Luiz Carlos Trabuco, the firm’s current CEO, is the best man for the job to be found. In a recent press conference, Brandao stated that he and Trabuco see eye to eye on an uncanny number of issues, and both men share a basically common vision for the bank, its role to shareholders and its responsibility to the country of Brazil.
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Trabuco and Brandao both see technology as key
It has been noted by Trabuco himself that, of the bank’s approximately 27 million employees, 13 million are effectively technologically illiterate or have no access to internet connectivity. Despite the massive gains that the Brazilian economy has experienced over the last 20 years and the huge increases of the standard of living, including the near total eradication from the country of extreme poverty, there are still an inordinate number of Brazilians who cannot use or cannot access the internet.
Trabuco and Brandao have both made great hay of this fact, citing their own past efforts to get Brazilians, their customers in particular, online. At 67 and 91 years old, respectively, Trabuco and Brandao would, perhaps, seem odd emissaries for the adoption of cutting-edge technology. Yet Brandao himself was the main driver of Bradesco’s early online banking rollouts in the mid-1990s. In fact, the firm was one of the first in Latin America to have a fully operational online banking platform.
Since then, the bank has continued to be a leader in the development of technological solutions. Trabuco himself has been a major proponent of adopting and adapting technology for the bank’s purposes. One of the main reasons for the acquisition of HSBC Brazil was the firm’s technological infrastructure and human IT capital. Both men have repeatedly stated that the bank’s future will hinge on how well and how fast it is able to innovate and bring to market tech solutions that create value for its customers.
But all of the talk about the 13 million Bradesco customers without internet access and the threat that such disconnectivity presents not only to the bank, but to the country of Brazil as a whole, has led some to speculate that major interventions by the bank may be at hand. There has been talk that a plan may be in the works to get all of those customers online through the provision of internet-capable mobile devices according to crunchbase.com. No word has been available, as of press time, of if or when this program may materialize.
In the meantime, Trabuco will need to appoint his successor. Most of the smart money is zeroing in on Mauricio Minas as being the most likely candidate to step into the C-suite.
Learn more about Luiz Carlos Trabuco: https://www.istoedinheiro.com.br/o-bradesco-de-brandao-trabuco/