January 8, 2019 / 2:19 PM / in 6 months

New CEO of Brazil's BNDES vows transparency, support in recovery

RIO DE JANEIRO, Jan 8 (Reuters) - The new chief executive of Brazil’s BNDES state development bank vowed on Tuesday, after being sworn in, to ensure the powerful lending institution acts with more transparency going forward and said he would appoint new directors within a few days.

Joaquim Levy, a former finance minister, is an orthodox economist and former head of Bradesco Asset Management and World Bank CFO. He takes over BNDES as far-right President Jair Bolsonaro has said he will open BNDES’ “black box” and expose its allegedly corrupt lending practices in building “national champion” companies under the Workers’ Party 2003 to 2016 governments. (Reporting by Rodrigo Viga Gaier Writing by Brad Brooks Editing by Chizu Nomiyama)

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