Bradesco is in transition mode. Bradesco’s executive team is new, but most of the same people are on the team. That sounds like a conflicting statement, but it’s true. The bank’s new CEO, Octavia Lazari, is the former director of Bradesco insurance division. And Bradesco’s new chairman, Luiz Carlos Trabuco, is the former CEO of the bank. Plus, three other executives who were in top banking positions are now board members. Making changes in the executive team may sound strange, especially since Bradesco is a proficient money maker. But when Lázaro de Mello Brandão announced his retirement last year after serving Bradesco for 75 years, it was time to make some internal changes.
Mr. Brandão hired Luiz Carlos Trabuco after he graduated from the Politics and Sociology College of Sao Paulo University in 1969. Trabuco was not a good bank fit, however. He didn’t have an accounting degree, and he had no financial experience. But Brandão knew Trabuco would be a good fit into the corporate banking structure with a little training. Luiz had fresh ideas and an excellent work ethic, so it didn’t take him long to become a bank director and then a bank VP. Brandão gave Trabuco a chance to show his leadership talents when Luiz took over as president of the bank’s insurance division, Seguros. Seguros was a moneymaker for the bank, but Trabuco leadership put Seguros in another league. Trabuco’s contribution to the bank’s total profits, while he was president, gave him the respect he needed to be president of Bradesco. In December 2008, Luiz Carlos Trabuco got the nod from Brandão, and he took over as president of the bank.
Trabuco’s presidential performance is one of the highlights in Brazil’s banking industry. He was the energy behind the Brazilian HSBC acquisition in 2015, and he is the person who got Bradesco into the mobile banking world. In fact, now that Trabuco is the Chairman of the Board, he is pushing mobile banking, and closing old Bradesco locations in order to re-shape Bradesco’s banking image. Luiz Carlos Trabuco wants Bradesco to be the number one mobile and Internet bank in the country. And he’s betting the new banking format that Next, Bradesco’s new digital bank offers, will be the banking strategy that produces more customers and more profit for the bank.