Luiz Carlos Trabuco is the CEO of Bradesco, the largest bank in Brazil. He is the fourth president of Bradesco, the second largest private bank which has been in existence for over 60 years. He was born in Marilia and studied Philosophy at the University of Sao Paulo. He strongly identifies with Bradesco’s culture because of his vast experience in marketing and private pension. Before his appointment as president, he held the insurers’ chairmanship of the group since 2003. The previous three presidents were Cypriano, Amar Aguiar who was the founder, and Lazaro Brandao who is the chairman of the current board.
Luiz Carlos Trabuco has been in Bradesco for more than four decades. In 1969 at the age of 18, he began working as a clerk at Bradesco. In 1984 he was appointed the department director In 1998, he was the managing executive director and at the age of 47, he was promoted to executive vice president. This was when his work became highly recognized. Market shares moved from 23% to 25% and bank profits from insurers’ contributions moved from 26% to 35%. He received a trophy in 2003 as President of Bradesco Insurance and Pension group. In addition to this, in 2007, he received another trophy as Insurance Personality of the year for his good management. During the six years period of his management, the company doubled from $32billion in 2003 to $78 billion in 2008. He maintained this position until he was chosen as the president, as his vast experience of more than four decades earned him the presidency. He replaced Marcio Cyprian who left because Bradesco does not allow presidents aged over 65.
As the CEO of Bradesco, Luiz Carlos Trabuco designed a strategy that would improve the company’s performance by reducing rates to attract more customers by opening 211 branches. Brazilians economic growth and stability are areas that look promising for the insurance market, which is important for social welfare maintenance. The 56year old CEO has evolved the company since his administration. He commands 40% of Bradesco’s results by collaborating large part of insurance market development.
Luiz Carlos Trabuco has increased social networking. In four years, the institution moved from 3,500 to 5,000 agencies by following information about Brazilian social mobility. He expects that by 2025, 100 million people will join the consumer market through their agencies. The CEO is known to give attention to basic and traditional banking practices. He acknowledges the challenge of any financial institution is getting to know customers values, desires, and interests closely.
Very few executives are prominent in Brazilian economic life as President of a big institution like Bradesco. Professionals have to undergo credit operation and handle huge financial projects for the growth of the economy. Their opinions are followed keenly by political leaders and large businesses; this is why they appear on pages of newspapers and magazines. Unlike most bank executives, Luiz Carlos Trabuco does not have extravagant lifestyle despite his compensation package including wages estimated to be $ 1million. Leadership in the market has to be maintained, and this has always been honored at Bradesco. Bradesco is $150 billion behind Utau Unibanco, its main competitor. Acquiring small banks would help in narrowing this gap, and with the scarcity of acquisition opportunities, this proves to be a challenge.
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