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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
07/30/201510:11:19Brazil's Vale Posts $1.68 Billion Profit--3rd Update
07/30/201510:09:35Report of Foreign Issuer (6-k)
07/30/201510:09:09Report of Foreign Issuer (6-k)
07/30/201509:43:36Brazil's Vale Sells Minority Stake In MBR For BRL4 Billion
07/30/201508:33:59Brazil's Vale Posts $1.68 Billion Profit--2nd Update
07/30/201508:07:09Report of Foreign Issuer (6-k)
07/30/201507:38:05Brazil's Vale Posts $1.68 Billion Profit--Update
07/30/201506:59:15Report of Foreign Issuer (6-k)
07/30/201506:09:27Report of Foreign Issuer (6-k)
07/30/201506:09:26Report of Foreign Issuer (6-k)
07/30/201506:09:06Brazil's Vale 2Q Net Profit Up 17.3% to $1.68 Billion
07/29/201509:25:00Signing of Memorandum to Trigger Business Expansion - Report...
07/23/201511:31:37Report of Foreign Issuer (6-k)
07/23/201503:50:48Fortescue Deepens Cuts as Iron-Ore Downturn Bites
07/21/201517:15:15Brazilian Stocks Fall, Currency Strengthens
07/14/201520:02:38Iron-Ore Trade Quiet as Sellers Hold Cargoes -- Market Talk
07/13/201506:02:08Report of Foreign Issuer (6-k)
07/10/201516:40:09Swiss Question Witnesses in Guinea in BSG Resources Bribery Probe
07/06/201517:47:37ADRs End Lower; Financial Firms Decline
07/06/201510:05:24Report of Foreign Issuer (6-k)

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