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BNDES head quitting post to seek presidency

Paulo Rabello de Castro will resign as head of state-run Banco Nacional de Desenvolvimento Econômico e Social effective March 31, Reuters reported, citing a letter from Brazil's presidential palace.

An earlier report indicated that the executive would step down to pursue the Brazilian presidency in October. According to Brazil's election laws, state officials intending to run in this year's polls will have until April 7 to submit their resignations.

Rabello took over the presidency of BNDES in May 2017 from Maria Silvia Bastos Marques, who resigned while an investigation into suspicious loan operations between the development bank and meatpacking firm JBS took place.

Carlos Thadeu de Freitas, the bank's finance director, and Ricardo Ramos, head of international operations, are reportedly seen as possible replacements.

Earlier this week, Finance Minister Henrique Meirelles also said he will decide by next week whether to quitting his post to run for the presidency.