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Bloomberg
Santander Brasil Chief Executive Officer Sergio Rial will step down from the role after almost six years at the helm of the bank.
The change, announced in a filing, will happen at the end of the year. Rial, who’ll become chairman and will remain a member of the bank’s board in Spain, will be replaced by Mario Roberto Opice Leao, Santander said. Carlos Rey de Vicente will take over South America operations, according to the filing.
Leao was Santander’s head of corporate and investment banking business, and has been with the bank since October 2015, according to his LinkedIn profile. Before joining, he was the head of global capital markets for Morgan Stanley in Brazil. He also worked at Goldman Sachs Group Inc and Citigroup Inc In his career, he never had stints in retail banking.
The announcement takes place just as Santander Brasil is on the verge of kicking off the earnings season for Brazilian banks on Wednesday. The lender’s loan-loss provisioning expenses are expected to drop 51% in the second quarter from a year earlier, but increase 2% from the first three months of the year, Goldman Sachs analysts led by Tito Labarta wrote in a report