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Banco do Brasil VP of agribusiness resigns to follow political aspirations

Osmar Dias has resigned as Banco do Brasil SA's vice president of agribusiness "forpersonal reasons," a bank spokesman confirmed for S&P Global MarketIntelligence.

The bank's vice president of wholesale business, AntônioMaurício Maurano, was named interim vice president of agribusiness on July 11and is presently holding both positions, the source said, adding that Dias'last day in the position was on July 8.

Dias' resignation was triggered by his plans to run forgovernor of the state of Paraná in the 2018 elections, S&P Global MarketIntelligence has learned. His resignation has notbeen officially announced yet, as it has yet to be published in Brazil'sofficial gazette.

The executive's resignation was anticipated due to politicalchanges in the Brazilian government, ValorEconômico reported, citing an unnamed source. According to the publication,as Dias was named director by ousted President Dilma Rousseff, he was againstplans for her impeachment as well as the naming of Brazil's Interim PresidentMichel Temer.

Dias was reportedly invited by Temer's government to remainin the position, but declined.

Gustavo Diniz Junqueira, the head of Brazilian Rural SocietySRB, recently told Valor he will betapped to fill Banco do Brasil's VP of agribusiness position. The bankspokesman, however, didn't confirm the report and said no formal plans havebeen made for Dias' replacement.