Events Leading To The Recently Concluded Succession Process At Bradesco Bank

Bradesco bank is the second largest privately owned lender in Latin America. The bank was established in 1959 in the small town of Marilia, mainly serving local residents. Over time, more customers subscribed to the bank forcing it to open more branches across the country. Consequently, Bradesco bank increased its asset base and eventually became the leading private sector bank in Brazil. Bradesco bank offers a wide range of services to its customers. The bank has designed their financial products to suit both local and international customers.

Some of the products and services offered by Bradesco bank include banking services, private pension and savings products and insurance services. Bradesco bank offers insurance services to the customers through their affiliate, Bradesco Seguros. The insurance division of Bradesco bank is the largest in Brazil, offering various products that include accident, Life, and automobile insurance products to both individuals and businesses.

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Leadership at Bradesco Bank
Amador Aguiar established Bradesco bank in 1943 with the aim of providing banking services to farmers, public servants, and retailers. The bank’s first branch was in the small city of Marilia, Sao Paulo. After two years, Amador Aguiar moved the headquarters of Bradesco bank to Sao Paulo. Upon founding Bradesco bank, Amador Aguiar served as the chairman of Bradesco until 1991 when passed away aged 86 years. During his reign, Amador Aguiar successfully led Bradesco bank into a profitable path. Bradesco bank grew by leaps and bounds to become the largest private lender in Brazil. By the time Aguiar passed away, Bradesco bank had established 1000 branches. The bank had already launched the first credit card in Brazil and acquired seventeen other banks in Brazil.

When the founder of Bradesco passed away, Mr. Lazaro Brandao was appointed to replace him as the chairman. At the time of his appointment, Mr. Lazaro had served in the bank for almost three decades. Mr. Lazaro had a wealth of experience in the operations of Bradesco bank and the Brazilian economy. During Lazaro’s reign as the chairman of Bradesco, the bank rolled out the first-ever Internet Banking system in Latin America. Bradesco bank also acquired several other banks, helping the institution to stamp its authority as the leader in the Brazilian banking industry.

Events leading to the process of the recent succession
The recently concluded process of succession at Bradesco bank started in last year October when Lazaro Brandao penned his resignation. At the age of 91, Mr. Lazaro had served in the bank for close to three decades. During his reign, Mr. Lazaro Brandao led Bradesco to become the largest private lender in Brazil. Upon his resignation, Bradesco bank focused on finding a suitable candidate that would succeed the former chairman.

Luiz Carlos has served at Bradesco since he was a teenager as office clerk. He has worked in various departments, including the insurance division of the bank. During his reign, Luiz Carlos Trabuco managed to make Bradesco Seguros the largest insurance provider in Latin America. In 2017, CEO Luiz Carlos Trabuco led Bradesco bank in acquiring HSBC bank at a cost of $5.2 billion.

Source: https://g1.globo.com/economia/negocios/noticia/sucessao-no-conselho-do-bradesco-foi-um-ato-planejado-diz-trabuco.ghtml