Luiz Fernando Figueiredo, the CEO of investment management firm Maua Capital, has accepted an invitation from Brazilian Economy Minister Paulo Guedes to become board chairman at state-run Banco do Brasil SA, Reuters reported.

Figueiredo will assume the new role in the coming days, Maua Capital said in a statement, adding that this "will not have any impact on his leadership role at Maua Capital."

Figueiredo also works as an adviser at stock exchange operator B3 SA - Brasil Bolsa Balcão and as director at Brazilian financial and capital market association Anbima. He previously served as a director at Brazil's central bank between 1999 and 2003.