Banco do Brasil Confirms Resignation Of VP Ricardo Oliveira

Date : 05/16/2012 @ 11:02AM
Source : Dow Jones News
Stock : Vale S.A. American Depositary Shares Each Representing One Common Share (VALE)
Quote : 9.57  0.38 (4.13%) @ 8:00PM

Banco do Brasil Confirms Resignation Of VP Ricardo Oliveira

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Latin America's largest bank in terms of assets, state-run Banco do Brasil SA (BDORY, BBAS3.BR) said Wednesday its board of directors has accepted the resignation of one of the bank's vice presidents, Ricardo Oliveira.

Oliveira will be replaced by Cesar Borges, former governor of the northeastern Brazilian state of Bahia.

The bank did not indicate the reason for Oliveira's resignation. Oliveira was in charge of inter-governmental relations at the bank.

The exit of Oliveira is part of a political battle between executives at Banco do Brasil and the bank's huge pension fund Previ, according to a person with knowledge of the situation.

The ongoing battle may also result in the exit of Ricardo Flores, president of Previ. Oliveira was considered a close ally of Flores.

Flores and his supporters have been engaged in a battle with Aldemir Bendine, president of Banco do Brasil, over management changes at Brazilian mining company Vale SA (VALE, VALE5.BR). Previ is a major shareholder in the mining company, and Mr. Flores serves as chairman of Vale's board.

Mr. Bendine was in line to be named chief executive officer of Vale last year, a post he coveted, according to another person with knowledge of the conflict. However, Flores blocked Bendine's appointment at Vale, forcing the board to choose Murilo Ferreira.

Both Banco do Brasil and Previ are supervised by the finance ministry.

-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071; rogerio.jelmayer@dowjones.com

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