Luiz Carlos Trabuco is the current president and CEO of Banco Bradesco. When he assumed the position, the bank had lost its leadership in the industry to Itau Unibanco, one of Brazil’s largest financial institutions. This meant that Trabuco had to work extra hard to ensure that Bradesco regained its lost glory. To achieve this, he laid down plans to reduce the bank’s interest rates, acquire smaller financial institutions and open 211 new branches in different locations to attract more customers.
In 2015, the celebrated business leader initiated the acquisition of the Brazilian branch of HSBC at the cost of $5.2 billion. The deal was considered as one of the biggest deals ever made by companies and individuals in Brazil that year. As a result of the deal, Bradesco outperformed Itau Unibanco in three major segments; total investment funds, the number of active accounts and the number of branch networks.
Finalizing this major deal brought Mr. Trabuco to the public eye. During the same year, Isto E Dinheiro magazine named him as the Entrepreneur of the Year. In 2016, he joined Forbes magazine’s list of best CEOs in Brazil.
Luiz Carlos Trabuco’s Early Life
Luiz Carlos was born (October 6, 1951) in Marilia, a small town in the midwestern region of the state of Sao Paulo. Trabuco obtained his undergraduate degree from the University of Sao Paulo (USP) and postgraduate degree from the Fundacao School of Sociology and Politics of Sao Paulo. Mr. Trabuco was 18 years of age when he joined Banco Bradesco.
About the Bank of Bradesco
Banco Bradesco is one of the largest and most profitable financial institutions in Brazil. The bank was founded in March 1943 by Amador Aguiar, in the city of Marilia. In 1946, it transferred its headquarters to the city of Alvares Penteando, Sao Paolo. The bank was established to attract small traders, public servants and modest individuals who resided in Sao Paulo.
Banco Bradesco was the largest private bank in Brazil until 2009 when Banco Itau merged with Unibanco. It has however grown to become the second largest private financial institution in Brazil and the third largest bank in Brazil by total assets ($392.1 billion). What’s more, it is the largest private employer in Brazil with about 95,248 employees.
The Bank of Bradesco offers a range of financial products and services to individuals, large companies, SMEs and domestic and international institutions and corporations. Its operations are divided into two main categories:
• Banking Sector – the bank’s banking segment provides deposit services, wealth management, issuance of debit and credit cards, capital market services, brokerage services, investment banking and custody and depository services.
• Insurance Sector – the bank’s insurance segment provides a range of insurance services including pension plans, auto insurance, health insurance and life insurance among others.
The bank’s growth has largely been attributed to the mergers and acquisitions it has made since its establishment. In 1988, Banco Bradesco merged with its consumer credit, investment bank, and real estate finance subsidiaries to become a multiple service bank. It was during this period that the bank changed its name to Banco Bradesco from Banco Brasileiro de Descontos S.. The bank also acquired BBVA’s Brazilian subsidiary in 2003 and American Express Brazilian subsidiary in 2006.