The Brazilian economy has matured significantly over the course of the last few decades. This has encouraged increased competition in all market segments as new entrants attempt to jostle for the higher disposable income of Brazilian consumers. That said, few market segments have experienced as much competition as the banking industry.
The private banking sector has in particular been heating up with Bradesco and Itau Unibanco fighting it out to assert market domination. While Itau Unibanco has largely claimed the title of the largest private bank in Brazil for the last seven years, Bradesco has in recent times significantly clawed back the lead and will likely become the bigger market player soon. Bradesco has been able to accomplish this seemingly impossible feat due to the guidance and management of its current president, Luiz Carlos Trabuco.
Born in the Brazilian City of Marilia, Luiz Carlos Trabuco would never have imagined that he would one day end up as one of the most influential business executives in the country. He studied philosophy at the University of Sao Paulo but took the chance on a different career path by joining Bradesco as a clerk in 1969. Interesting to note also, when it came the time to undertake his postgraduate studies, Luiz Carlos Trabuco snubbed business-related course and instead completed a socio-psychology master’s degree at Sao Paulo’s School of Sociology and Politics. He served at the bank’s branch office in his home city for only two years before moving on to a bigger challenge at its Sao Paulo headquarters. After holding a series of positions with the bank, his big break finally arrived in 2003 when he was named the president of the bank’s insurance subsidiary, Bradesco Seguros.
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Over the course of the six years that he headed Bradesco Seguros, Luiz Carlos Trabuco made it the biggest in its industry. Nearly all performance metrics at the company were higher when he left than they were when he arrived. The subsidiary’s overall contribution to the parent company’s returns grew from 26% to 35%. Luiz Carlos Trabuco’ success did not go unnoticed as he two separate occasions won the insurance personality of the year award. Most importantly, however, the bank’s board and outgoing president, Marco Cypriano saw that Luiz Carlos Trabuco could indeed make it in the big leagues and was the most suitable individual to take over when Cypriano left.
Since taking over in 2009, Luiz Carlos Trabuco has more than proven his worth to Bradesco. His first year at the bank’s helm was particularly difficult as it coincided with the global financial crisis. He, however, managed to get the bank through the economic turbulence unscathed and pushed on with an aggressive branch network expansion drive. The bank, which is cross-listed on four stock exchanges, showed its intent to wrestle market dominance from Itau Unibanco, by purchasing the mid-tier bank, HSBC for an estimated five billion dollars. The purchase significantly increased Bradesco’s size, client-base, and branch network.
Among his many endearing qualities, Luiz Carlos Trabuco’s humility particularly stands out. While his compensation at Bradesco, including bonuses, totals up to about one million dollars a month, he prefers to dress normally and admonishes excessive expressions of wealth. In fact, in 2015 when asked about his chances of placing first in banking rankings, he replied that his goal was only doing the best for the municipalities Bradesco served and not leadership. His humility also extends to his tongue as he often chooses to measure his words, often instead complementing his silence with a smile or fine humor.
Learn more about Luiz Carlos Trabuco: http://www.istoedinheiro.com.br/noticias/negocios/20151218/luiz-carlos-trabuco-cappi-empreendedor-ano-nas-financas-2015/327856