Banco Itau BBA lets Five Directors Go in Restructuring Plan

By Marc Castro

Apr 17, 2013 10:50 AM EDT

At least four directors of Banco Itau BBA SA would be leaving the bank as it restructures its management. Amongst them is Marcelo Marangon, an executive director of the Brazilian financial institution according to three other individuals with direct knowledge of the restructuring plan.

The other departing directors are Andre Cury, Jorge Bedran Jettar, Antonio Sanches and Paulo di Paula Abreu. The names were confirmed by two of the sources who spoke on condition of anonymity. 

For its part, the bank declined to comment on the moves while Marangon refused to provide a reaction to the said rumors. Marangon is the former head of HSBC Holdings Plc global banking unit in Brazil. He was hired by Banco Itau in October 2011 specifically to manage a newly created unit that focuses on the needs of large corporations.

Banco Itau BBA is the wholesale subsidiary of Itau Unibanco Holding SA, which is the largest Latin American financial institution in terms of value.

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