(Updates with bank official’s comment in the second paragraph.)
Dec. 28 (Bloomberg) -- Banco do Brasil SA, Latin America’s largest bank by assets, replaced Allan Simoes Toledo as head of private banking, wholesale and international businesses.
Paulo Rogerio Caffarelli succeeded Toledo temporarily starting yesterday and also will remain head of retail services, Marco Tulio Bretas de Vasconcelos, communications manager at the bank, said today in a telephone interview. The Brasilia-based lender didn’t say why it replaced Toledo, who may remain an employee, according to Vasconcelos.
Toledo, 44, started at Banco do Brasil in 1982 and helped the firm expand abroad. The bank bought a 51 percent stake in Buenos Aires-based Banco Patagonia SA for 1.86 billion pesos ($432 million) in April 2010. In January, the bank agreed to purchase Florida-based EuroBank for $6 million. Toledo said in June that Banco do Brasil was considering buying rivals in Colombia, Chile and Peru.
Banco do Brasil fell 1.2 percent to 23.76 reais in Sao Paulo at 12:30 p.m., compared with a 0.9 percent decline for the benchmark Bovespa index.
--With assistance from Helder Marinho in Sao Paulo. Editors: William Ahearn, David Scheer
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