Departing Bradesco Chairman Lazaro Brandao Has Great Confidence In Luiz Carlos Trabuco

2:14 am on November 6, 2017

Recently, it has been announced that big changed are coming to Grupo Bradesco, one of the largest and most important banks in Brazil. The longtime chairman of the bank, Lazaro Brandao, is finally stepping down, after more than 27 years in the position. The 91 year old banker has become somewhat of a legend of Brazilian finance, with a career, all of it spent at Grupo Bradesco, lasting more than seven and a half decades.

But the changes are making some investors nervous. Even as the nonagenarian banker approaches his 92nd birthday, many shareholders and board members have expressed concern about what will come next. Brandao has served in an executive capacity with the company for more than 36 years, first becoming the CEO in 1981. Without his leadership, many fear that the bank may lose its course and, perhaps, its soul.

However, Brandao has been quick to shore up confidence in his replacement. He has repeatedly assured investors and the board that Luiz Carlos Trabuco, the current CEO of the firm, has all of the right traits to continue to lead the company into the future.

Trabuco and Brandao are similar leaders, across many dimensions

Luiz Carlos Trabuco and Lazaro Brandao have a number of uncanny similarities. They are both lifelong employees of Bradesco, with Brandao beginning work with the company at the age of 16 and Trabuco starting at the age of 18. They have also both reached the level of CEO after being promoted up through the ranks. But where they are most similar is, perhaps, in the way they view the business and its role and responsibilities, both to shareholders and to the country as a whole.

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For example, even as both men aged well beyond their youth, they were both some of the strongest proponents of the bank making early adoptions of technology. All the way back in the 90s, Brandao, then in his early 70s, drove the company to become on of the first adopters of online banking platforms in Latin America. This is a vision that was carried on by Trabuco during his time as CEO, an office he assumed in 2009. Under Trabuco, Bradesco began the development of Next, an online and mobile banking platform that allowed users on any device to instantly access almost all available products that the bank offered. This program proved to be such a huge success that Next was eventually spun off into its own company.

Trabuco and Brandao are also both on record stating that one of the roles of the bank and one of the major challenges that it will face in the coming years is to bring the 13 million clients currently not online up to speed on the use of mobile banking. Unlike some businessmen, both Brandao and Trabuco view it as their responsibility to teach these users how to use mobile devices and even to be able to acquire them. The two bankers believe that all Brazilians, especially those using the bank’s services, should meet a basic level of technological literacy. Although concrete plans are not currently on offer from Bradesco executives, there are rumors that the bank is on the cusp of unveiling a massive technological literacy campaign, which may involve the provision of mobile devices to the approximately half of all of its customers that are not currently connected to mobile banking services.

Although many have expressed reservations about the departure of Brandao, he has stated that his time to retire has come. The inveterate financier has said that he wishes to spend more time with his family and give newer executives the chance to climb the corporate ladder.

For more information about Luiz Carlos Trabuco, just click here.