By Brazil Stock Guide – The Federal District government has reshaped its succession plan at Banco de Brasília (BRB), replacing its initial nominee and selecting Nelson Antônio de Souza — former CEO of Caixa Econômica Federal and a figure linked to Michel Temer’s administration — to take over the state-controlled lender. Governor Ibaneis Rocha had first chosen Caixa executive Celso Eloi, but redirected him to a director role and confirmed that Souza will assume the presidency, pending approval from the Central Bank of Brazil.
The leadership change follows the disruption triggered by Operação Compliance Zero, which led to the suspension of BRB CEO Paulo Henrique Costa and CFO Dario Oswaldo Garcia Júnior amid a probe into alleged irregularities involving credit instruments negotiated between BRB and Banco Master. In response, BRB said it will hire an external audit firm to review past decisions and address questions raised by investigators, underscoring its commitment to governance and transparency.
Two weeks before the Banco Master collapse, Daniel Vorcaro — the bank’s owner — and former President Michel Temer spent two days in Abu Dhabi attempting to secure capital from investors in the United Arab Emirates. The trip signals Master’s urgent search for liquidity during its final days and adds new political proximity to the fallout now engulfing multiple institutions.
Ibaneis praised Souza as one of Brazil’s most seasoned public-sector bankers, recalling that he had invited him to lead BRB in 2019 before Souza decided to remain at Caixa while serving as chairman of BRB’s board. “He is one of the most accomplished professionals in Brazil’s financial sector. BRB will continue to grow and strengthen under this new leadership,” Ibaneis told Metrópoles.
Souza joined Caixa in 1979 and became its CEO in 2018 during Temer’s government. He previously led Banco do Nordeste, held senior positions at Desenvolve SP and Brasilcap, and most recently served as vice president at Elo. Both Souza’s and Eloi’s appointments must receive approval from the Central Bank and the Legislative Chamber of the Federal District.
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