Brazil's Banco Bradesco raising age limit to keep CEO Trabuco -source
SAO PAULO, Sept 5 (Reuters) - Shareholders of Brazil's Banco Bradesco SA will vote on Oct. 7 on a proposal to change the age limit for its chief executive to 67 years from the current 65 years, the bank said in a securities filing on Monday.
Bradesco was expected to choose a new CEO next year to replace Luiz Carlos Trabuco Cappi, who has held the post since 2009. Trabuco will be 65 in October.
According to a source close to the matter, the change will allow Trabuco to remain as CEO to lead the bank for two more years. His replacement would be chosen in 2019, the source said.
In the filing, Bradesco says the new age limit allows the bank to "take advantage of the professional experience of the chief executive, especially at the moment of integration of HSBC operations."
Bradesco acquired HSBC Holdings Plc's local unit for $5.2 billion a year ago. Brazil's antitrust watchdog approved the acquisition in June. (Reporting by Tatiana Bautzer; Editing by Alan Crosby)
© Thomson Reuters 2016 All rights reserved.