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Brazil's Bolsonaro names new chief at Banco do Brasil

On his second day in office, Brazil's President Jair Bolsonaro named Rubem de Freitas Novaes president of Banco do Brasil SA, replacing Marcelo Labuto.

Novaes a known advocate of privatization, was a former director at Banco Nacional de Desenvolvimento Econômico e Social.

According to previous reports, he may likely push for the sale of Banco do Brasil's investment arm, following Economic Minister Paulo Guedes' guidelines to withdraw state-owned banks' businesses that are not tied to public policy.

Ivan de Souza Monteiro, the outgoing CEO of Petróleo Brasileiro SA - Petrobras, was also reportedly considered for the position.