National Bank for Economic and Social Development (BNDES) chose director Ricardo Ramos to replace Paulo Rabello de Castro as president of the development institution on Wednesday Mar. 28th
Ramos currently runs the capital markets monitoring business. Rabello de Castro said on Tuesday he would leave on March 31 and previously has announced plans to run for president in Brazil’s October elections.
The name of Ramos will be submitted to the BNDES board at an extraordinary meeting scheduled for Thursday, a source familiar with the matter said earlier.
Castro delivered a letter of resignation to President Michel Temer on Tuesday, stating that he will leave BNDES on Mar. 31 because of the electoral calendar.
Rabello, who is a member of the PSC, plans to run for the presidency of the Republic in the October election and may face Temer in the election. The legislation determines that those who hold office in the Executive and will contest the election must leave office by April 7. The rule does not apply to Temer, who may run for re-election in office.