Banco de Brazil President Replaced

Brazilian President Luiz Inacio da Silva replaced the head of the federally controlled Banco do Brasil SA in an attempt to lower interest rates in the country. The new president is Aldemir Bendine, who was formerly vice president of credit and debit cards for the bank. He replaces Antonio Francisco de Lima Neto, who had taken over as president in 2006 and was asked to step down.

 

Lula said in a report that he is obsessed with pushing down the Brazilian bank spreads in an attempt to lower interest rates for borrowers in his country. Finance Minister Guido Mantega told reporters in the capital city of Brasilia that “Bendine comes with a specific mission – a management contract to give loans at a faster pace, compete more with other banks and incorporate new clients.”