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Brazil's Banco Votorantim names new president

Banco Votorantim SA has tapped economist Gabriel Ferreira to replace Elcio Jorge dos Santos as the company's president.

Prior to the appointment, Ferreira had been running the corporate strategy, retail, marketing and innovation departments within the São Paulo-based bank, which is partially owned by Banco do Brasil SA with a 49.99% stake.

After a transition process, dos Santos will end his 8-year tenure and move on to "personal projects," the bank said.