Brazil’s largest bank, government-run Banco do Brasil, on Friday announced the resignation of its President, Paulo Caffarelli. Caffarelli will become President of privately-owned Cielo, Brazil’s largest credit card networking company. At Banco do Brasil, he will be replaced by current Retail Vice President Marcelo Labuto, a career bank employee. Caffarelli presided over a period of transition at the government bank. He took over at a time when top bank executives were being accused of corruption. He re-established the bank’s image of probity and reduced government interference in the bank’s credit operations .
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