Brazil's Banco Bradesco raising age limit to keep CEO Trabuco -source

Banco Bradesco

05/09/2016 23:47

SAO PAULO, Sept 5 (Reuters) - Shareholders of Brazil's Banco 
Bradesco SA will vote on Oct. 7 on a proposal to change the age 
limit for its chief executive to 67 years from the current 65 
years, the bank said in a securities filing on Monday. 
    Bradesco  BBDC4.SA  was expected to choose a new CEO next 
year to replace Luiz Carlos Trabuco Cappi, who has held the post 
since 2009. Trabuco will be 65 in October.  
    According to a source close to the matter, the change will 
allow Trabuco to remain as CEO to lead the bank for two more 
years. His replacement would be chosen in 2019, the source said. 
  
    In the filing, Bradesco says the new age limit allows the 
bank to "take advantage of the professional experience of the 
chief executive, especially at the moment of integration of HSBC 
operations." 
    Bradesco acquired HSBC Holdings Plc's  HSBA.L  local unit 
for $5.2 billion a year ago. Brazil's antitrust watchdog 
approved the acquisition in June.  
 
 (Reporting by Tatiana Bautzer; Editing by Alan Crosby) 
 ((Tatiana.Bautzer@thomsonreuters.com; +55 11 5644 7756; Reuters 
Messaging: tatiana.bautzer.thomsonreuters.com@reuters.net)) 
 
Keywords: BANCO BRADESCO CEO/RETIREMENT