Brazil’s Banco Bradesco is making Luiz Carlos Trabuco Cappi its new chief executive and a member of its board of directors, according to a statement. Mr Cappi replaces Márcio Artur Laurelli Cypriano, who is retiring after ten years at the helm this March, but who will remain a member of the board.

Mr Cappi is currently vice president of the bank and chief executive of Grupo Bradesco de Seguros e Previdência, the bank’s insurance arm, roles which he has held since 1999 and 2003 respectively.

He has steadily ascended the ranks of Bradesco since joining the bank in April 1969 and will be officially elected chairman by the board in March before having his name submitted for shareholder approval at the next AGM.

Banco Bradesco was Brazil’s biggest bank until Itau, the second largest, announced it was buying Unibanco, the fourth largest, last year. The merger created the largest bank in Latin America.

Bradesco Private Banking has offices in São Paulo and Rio de Janeiro as well as seven service units in Porto Alegre, Blumenau, Curitiba, Belo Horizonte, Brasília, Salvador and Recife.