After a recent revamp of its board, Caixa Econômica Federal is also looking to replace its vice president for third-party assets, a position that is currently held by Flávio Arakaki on an interim basis, Valor Econômico reported.

All nominations at the state-run bank's board, which were endorsed by Finance Minister Henrique Meirelles, follow a new law for state-owned companies requiring a minimum of 10-years experience for the position to be assumed, the report said.