October 25, 2018 / 1:03 PM / 24 days ago

Brazil card processor Cielo to tap Banco do Brasil's Caffarelli as CEO - report

SAO PAULO, Oct 25 (Reuters) - Brazilian card processor Cielo SA will tap Banco do Brasil Chief Executive Paulo Rogerio Caffarelli as its new CEO, newspaper O Globo reported on Thursday.

One source with knowledge of the matter told Reuters that Caffarelli is likely to become the new chief executive of Cielo.

Since July, Cielo has been mulling CEO choices after Eduardo Gouveia’s resignation, including potential candidates from the banks that control it, Banco Bradesco SA and Banco do Brasil SA.

Cielo has been struggling with fierce competition from various domestic financial technology start-ups, such as PagSeguro Digital Ltd and StoneCo Ltd.

Banco do Brasil and Cielo declined to comment on the matter. (Reporting by Carolina Mandl; Editing by Bernadette Baum)

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