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No plan to unseat BNDES head, Brazil minister says

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No plan to unseat BNDES head, Brazil minister says

Brazil's Minister of Planning Dyogo Oliveira said the government will not remove Paulo Rabello de Castro as president of Banco Nacional de Desenvolvimento Econômico e Social, Diário Comércio Indústria & Serviços reported.

The minister was responding to an Estadão report saying the government was evaluating a change in the command of the state-development bank as a way to please Rodrigo Maia, the president of the Chamber of Deputies.

Oliveira said he does not know if Maia is rallying for the dismissal of Castro, but noted that he is satisfied with the work of the economist as head of BNDES.

Castro arrived at the bank earlier this year after the resignation of Maria Silvia Bastos Marques. At the time, Maia was reportedly backing Luciano Snel, head of Icatu Seguros SA, for the position.

Maia denied that he is pressuring the government to change the head of BNDES, along with speculation that he is also having conflicts with the government of President Michel Temer, Estadão said.