Banco Nacional de Desenvolvimento Econômico e Social said Andre Laloni, a director in charge of divestments, has resigned due to personal reasons, Reuters reported.

His departure could be a setback for the state-owned development bank's privatizations and asset sale program, according to the newswire, at a time when it is looking to divest nearly 100 billion reais of assets.

Laloni has faced internal pushback against some of his asset sale plans for BNDES and was unsuccessful in an attempt to alter the bank's divestment procedures, an anonymous source from within the company told Reuters.

Leonardo Cabral will temporarily replace Laloni, BNDES said.

Laloni is a former UBS investment banker who was hired by Caixa Econômica Federal earlier in 2019 before moving to BNDES in July. Sources told Valor Econômico that Brazil's government wants him to reverse his decision to leave BNDES.

As of Oct. 11, US$1 was equivalent to 4.09 Brazilian reais.