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Banco Bradesco names Octavio de Lazari Jr. CEO

Banco Bradesco SA on Feb. 5 named Octavio de Lazari Jr. as CEO, replacing Luiz Carlos Trabuco Cappi, who will stay on as chairman.

Lazari is a 54-year-old economist who has served as executive vice president of Bradesco and as the head of Bradesco Seguros SA, the insurance unit of the Brazilian banking giant. He began his career at the company in 1978 and has served on the group's executive board since 2012, according to a statement from the bank. Lazari had been seen as a top contender for the role for some months.

The moves comes as Trabuco's term as CEO ends in March. The executive replaced long-standing chairman Lázaro de Mello Brandão in October 2017. Trabuco, who is 66 years old, will reach the company's new mandatory retirement age later this year; the company already increased it to 67 from 65 in 2016 so that he could complete the integration of the bank's acquisition of HSBC Brasil.

Trabuco will act as CEO until the first meeting of the executive board after the company's general meeting March 12.

According to Reuters, three other Bradesco executives were in the running to become the next CEO: Alexandre Glüher, head of investor relations; Josué Pancini, head of retail banking; and IT executive Mauricio Minas. The executives were all appointed to the bank's board, along with Domingos Figueiredo de Abreu, according to the statement from Bradesco.