CLDF Approves Nelson Antônio de Souza to Lead BRB, With Central Bank Sign-Off Still Required

Overview

• District legislators voted 16–6 to endorse Souza after he cleared the CLDF’s Economy, Budget and Finance Committee.
• Souza was nominated by Governor Ibaneis Rocha to replace Paulo Henrique Costa, who was removed by court order linked to the Polícia Federal’s Operation Compliance Zero.
• Operation findings flagged nearly R$12.2 billion in BRB purchases of Banco Master portfolios that may be partially nonexistent, prompting the Central Bank to order the deals unwound.
• BRB disclosed R$10 billion in portfolio exchanges with Master, noting part was not in cash, which provided liquidity that helped Master avoid liquidation.
• At the hearing, Souza pledged to follow regulators’ rules and strengthen controls, drawing on more than 45 years in finance, including leadership roles at Caixa, Banco do Nordeste, Brasilcap and Elo.