November 11, 2016 / 6:47 PM / a year ago

UPDATE 2-Brazil's Itaú taps banker Egan to run Treasury desk - sources

(Adds details on the corporate and investment banking division)

By Guillermo Parra-Bernal and Tatiana Bautzer

SAO PAULO, Nov 11 (Reuters) - Itaú Unibanco Holding SA on Friday appointed Christian Egan, currently deputy head of corporate and investment banking, to run a new, bigger global markets and Treasury desk unit as part of a broad management reshuffle, sources said.

The unit will be comprised of proprietary desk trading; banking and asset liability management; corporate and investment banking client trading and distribution, according to two people with direct knowledge of the move.

The changes were communicated to staff in an internal memo, the sources said. Marco Sudano will run the proprietary desk, with Ricardo Nuno taking charge of the so-called banking and asset and liability management desk.

Eric Altafim will be in charge of corporate and investment banking client trading, while the head of the distribution desk comprising equities, fixed income and research will be decided at a later stage.

Itaú declined to comment.

Egan will replace Caio David, currently in charge of managing Itaú’s proprietary trading desk.

Egan’s appointment and the restructuring of the group he will command are part of an across-the-board reshuffling at Itaú triggered by next year’s planned retirement of Chief Executive Officer Roberto Egydio Setubal.

The bank this week named Cândido Botelho Bracher as Setubal’s replacement, wrapping up a four-year succession plan at Brazil’s largest bank by market value.

Bracher, who is currently Itau’s head of wholesale and corporate banking and was Egan’s boss, is expected to be ratified at a shareholder assembly in April. He will be replaced by Eduardo Vassimon.

Alberto Fernandes will remain head of the corporate and investment banking division.

David will become the bank’s chief financial officer and chief risk officer when the succession takes place next year.

Editing by Jeffrey Benkoe and Cynthia Osterman

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