Ex-Ambipar CFO and Deutsche Bank VP share BofA past

João Arruda and Henrique Ramim, longtime colleagues, were behind a deal that deepened Ambipar’s financial crisis.

Oct 21, 2025 6:24 PM

By Brazil Stock Guide – Two executives at the center of Ambipar’s financial crisis share a long-standing friendship dating back to their time at Bank of America Corp. (BAC). João Arruda, the Brazilian environmental services group’s former chief financial officer, and Henrique Ramim, vice president of investment banking at Deutsche Bank AG (DB), were colleagues at BofA before a deal between their respective firms exposed Ambipar to mounting financial risk. The information was first reported by Metrópoles.

Arruda left Bank of America in August 2023 after 14 years, while Ramim departed a month later following a three-year tenure. Soon after, Arruda joined Ambipar Group SA (AMBP3.SA; AMBIF) as CFO, and Ramim took a senior role at Deutsche Bank. Months later, their paths crossed again in a transaction that would accelerate Ambipar’s financial downfall.

While still at BofA, Arruda helped arrange a currency hedge for Ambipar to protect against exchange-rate fluctuations. In February 2024, that contract was transferred to Deutsche Bank. By August, now as Ambipar’s CFO, Arruda signed an addendum introducing Payment-in-Kind (PIK) bonds — a financial instrument that increased the company’s leverage and liquidity pressure.

The switch from Bank of America to Deutsche Bank proved costly. Ambipar reportedly paid a R$20 million ($3.8 million) termination fee and an additional R$60 million ($11.3 million) premium to the German lender. The new structure required escalating collateral deposits, quickly draining Ambipar’s cash flow and undermining its balance sheet stability.

The consequences were swift. Ambipar’s bonds and shares, traded both on Brazil’s B3 and the New York Stock Exchange (NYSE: AMBP), slumped as investor confidence eroded. On Sept. 18, Arruda called a meeting with foreign creditors to discuss the revised agreement, but resigned via email the day before. His abrupt departure deepened market uncertainty.

Ambipar, burdened with about R$10.5 billion ($2 billion) in debt, filed for court-supervised reorganization on Oct. 20 with the 3rd Business Court of Rio de Janeiro. The company said the move aims to “restructure obligations, protect operations, and preserve over 23,000 direct jobs.”