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Banco do Brasil denies CEO to stop after new spherical of rumors

A person sporting a protecting face masks and gloves walks in entrance of Banco do Brasil (Bank of Brazil) through the coronavirus illness (COVID-19) outbreak in Sao Paulo, Brazil, March 24, 2020. REUTERS/Amanda Perobelli/File Photo

SAO PAULO, Feb 26 (Reuters) – Banco do Brasil SA (BBAS3.SA) on Friday denied hypothesis that its chief government was about to stop for the second time this 12 months, after shares of the state-controlled Brazilian financial institution fell almost 5%.

Brazilian newspapers O Estado de S. Paulo, O Globo and Valor Economico earlier reported that CEO Andre Guilherme Brandao, a former HSBC government who has been on the helm of the financial institution for 5 months, would resign after coming below stress from right-wing President Jair Bolsonaro over price chopping plans.

“There was no resignation submitted by the financial institution’s CEO,” Banco do Brasil mentioned in a submitting. “Furthermore, Banco do Brasil, has no data of the sources cited by the media accounts.”

A supply accustomed to the scenario instructed Reuters that Brandao felt uncomfortable remaining in his job after a miscommunication with Bolsonaro.

That discomfort elevated after Bolsonaro changed the CEO of Petroleo Brasileiro SA (PETR4.SA) final week after disagreements in regards to the state-run oil firm gas pricing coverage, the supply mentioned, including Brandao had no plan to resign. learn extra

The presidential palace didn’t instantly reply to requests for remark.

Bolsonaro initially threatened to fireside Brandao in January after he launched a plan to shut 361 branches. The CEO mentioned earlier in February that there had been a miscommunication with Bolsonaro over the department closing, including that the financial institution wouldn’t abandon any city consequently.

Still, he reiterated that he deliberate to diminished the financial institution’s footprint and save 10 billion reais ($1.79 billion) by way of 2025 consequently.

($1=5.5986 reais)

Reporting by Tatiana Bautzer; extra reporting by Anthony Boadle in Brasilia; enhancing by Jonathan Oatis

Our Standards: The Thomson Reuters Trust Principles.

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