Banco Santander has appointed Marcial Portela as new CEO of Santander Brasil. Portela will succeed Fabio Barbosa, who has been appointed as chairman of board of directors Santander Brasil.
Portela, a senior executive vice president of Grupo Santander, has overseen for the past three years the integration in Brazil. He has been involved in Santander’s investment process in Brazil, including in the acquisition of Banco Real, since 1999.
In his new role, Barbosa will drive the institution’s discussions on strategy. He will provide continuity to the construction of good corporate governance in line with best market practices, balancing, with openness and a view toward the long term, interests of shareholders, the bank and the community.
Barbosa and Portela have worked together for nearly three years to assure the success of the integration and the consolidation of Santander’s investments in Brazil.
These appointments will be effective from 4 February 2011, subject to the relevant required legal approvals.