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Banco do Brasil Confirms Resignation Of VP Ricardo Oliveira

SAO PAULO -(Dow Jones)- Latin America's largest bank in terms of assets, state-run Banco do Brasil SA (BDORY, BBAS3.BR) said Wednesday its board of directors has accepted the resignation of one of the bank's vice presidents, Ricardo Oliveira. Oliveira will be replaced by Cesar Borges, former governor of the northeastern Brazilian state of Bahia. The bank did not indicate the reason for Oliveira's resignation. Oliveira was in charge of inter-governmental relations at the bank. The exit of Oliveira is part of a political battle between executives at Banco do Brasil and the bank's huge pension fund Previ, according to a person with knowledge of the situation. The ongoing battle may also result in the exit of Ricardo Flores, president of Previ. Oliveira was considered a close ally of Flores. Flores and his supporters have been engaged in a battle with Aldemir Bendine, president of Banco do Brasil, over management changes at Brazilian mining company Vale SA (VALE, VALE5.BR). Previ is a major shareholder in the mining company, and Mr. Flores serves as chairman of Vale's board. Mr. Bendine was in line to be named chief executive officer of Vale last year, a post he coveted, according to another person with knowledge of the conflict. However, Flores blocked Bendine's appointment at Vale, forcing the board to choose Murilo Ferreira. Both Banco do Brasil and Previ are supervised by the finance ministry. -By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071; rogerio.jelmayer@dowjones.com

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
04/15/201417:02:39ADR Shares End Lower; Infosys, Diageo Shares Active
04/15/201413:06:06Brazil's Vale Secures Loan Package From BNDES -- Update
04/15/201410:02:19Brazil's Vale Secures BRL6.2 Billion Loan Package From BNDES
04/11/201409:43:44Brazil's CVM Authorizes IADB to Issue Debt in Local Markets
04/09/201408:44:34BSG Resources, Vale Face Loss of Guinea Licenses -- Update
04/08/201413:20:03Veolia Seeks More Revenue from Mining Industry's Water, Waste...
04/02/201418:27:45Vale Suspends Transporting Coal From Mozambique Mines -- Update
04/02/201416:55:18ADR Shares End Higher; Noah Education Shares Active
04/02/201415:58:33Vale Suspends Coal Shipments From Mozambique Mines
03/19/201412:23:43Vale Says Stock Price Pressured by China Worries
03/11/201417:21:55ADR Shares End Lower; Vale, Barclays Shares Active
03/11/201413:41:59Brazil's Petrobras Reveals BRL8.77 Billion in Tax Disputes
03/04/201417:13:52Glencore Xstrata Posts Large Loss -- 2nd Update
02/27/201414:51:43Brazil's Vale Doesn't Foresee New Debt Issuance This Year
02/27/201413:04:26Brazil's Vale Develops Green Iron Ore To Reduce China Emissions
02/27/201412:33:45Brazil's Vale Sees Ebitda In Base-Metals Division Surging
02/27/201407:21:49Falling Iron-Ore Prices Pinch Producers -- Update
02/26/201421:58:20Vale Posts Smallest Annual Profit Since Privatization -- Update
02/26/201420:30:25Brazil's Vale Posts Its Biggest Loss
02/26/201419:46:50Brazil's Vale Sees Chinese Economic Growth Gradually Slowing...

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