Brazil’s economy is getting stronger. But the real test of that economic strength will come after the presidential election, according to Banco Bradesco Chairman Luiz Carlos Trabuco. The unemployment rate jumped from 12.6 percent in February 2018, to 12.7 percent in May 2018, but that doesn’t reflect the true nature of what is going on in Brazil, according to Trabuco.
New Chairman Luiz Carlos Trabuco and other top executives in Brazil say Brazil’s startup industry holds the key to the country’s economic success. Recent changes in the United States trade and tariff policies are casting a dark cloud over some Brazilian businesses, but the Startup industry is expanding in Brazil, and that industry is looking for new frontiers to conquer. Brazilian startups are exporting their business model to Europe, Canada, Japan, and Mexico, and Bradesco is one of the banks funding these startups. Bradesco is picking the startups that show the most promise, according to Trabuco, while the bank decides what it is going to do with their under-performing bank branches.
Luiz Carlos Trabuco and his CEO, Octavio Lazari know the bank must keep investing in startups in order to keep profits on track in 2018. There are a number of challenges in Brazil. The most taxing challenge Luiz Carlos Trabuco and his team faces is to change their business model from branch banking to mobile and Internet banking. Brazilians love mobile banking. Bradesco has more than 5,300 branch locations around the country, and Luiz Trabuco knows the bank has to close a lot of them in order to stay relative. New CEO Lazari told the press the bank is the process of closing branches that are no longer relevant because of mobile competition. But closing bank branches is easier said than done, according to Luiz Carlos Trabuco on glamurama.uol.com.br.
But with few options left, Bradesco is in bank reinventing mode, and Trabuco and Octavio Lazari are the architects of that huge and expensive undertaking. Trabuco and Lazari are not worried about the challenge. Brazilian Banks always find a way to make profit projections every year. And 2018 is no exception.
Learn more about Luiz Carlos Trabuco: http://www1.folha.uol.com.br/mercado/2017/10/1926243-proximo-presidente-do-bradesco-saira-da-diretoria-do-banco-diz-trabuco.shtml