Awards for Excellence 2019
Banco do Brasil wins the award for the region’s best bank transformation.
While its transformation began with the appointment of Paulo Caffarelli in May 2016, it is in the past 12 months under the leadership of his successor, Rubem de Freitas Novaes, that the results have matched the strategy.
Banco do Brasil was severely weakened under former president Dilma Rousseff, who tried to use the public-sector banks as a macro-prudential tool to spur growth and force the private banks to lower interest rates; as a result the bank’s financials were on the floor.
Caffarelli focused on moving Banco do Brasil towards private-sector levels of profitability. He also moved to improve the banks common equity tier-1 (CET1), pursuing non-core sales to boost capital and lowering costs through a redundancy programme.
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| Rubem de Freitas Novaes |
The bank also reconfigured senior management compensation to align performance to its new profitability goals and moved to improve the use of technology to make the bank more efficient.