Banco Safra announces new CEO

Banco Safra has announced a leadership reshuffle. Alberto Monteiro de Queiroz will assume the presidency of the Brazilian financial services company, replacing Silvio de Carvalho, who will now chair the board of directors.

Alberto Monteiro, who had been serving as chief financial officer since April 2023, comes with extensive experience in the banking sector, including stints at Santander and Banco do Brasil. The 56-year-old has also held leadership positions in major Brazilian companies such as Suzano, CSN, and Gerdau, and has been a member of various boards of directors of companies such as B3, BV, and Cielo.

This boardroom change accompanies Banco Safra's consolidation as the eighth largest bank in Brazil, having ended last year with R$312.1 billion in assets. Last year, the group completed the acquisition of the Alfa conglomerate and recently announced the purchase of the Guide brokerage. The bank also recorded a profit of R$3.250 billion in the same year, representing an increase of 47.5% compared to 2022.

The bank has not yet announced the date of the transition or the reason for the switch.