Venezuelan President Nicolas Maduro has named Nelson Merentes as finance minister, in a series of cabinet moves following his recent election. Merentes, who has held the position before under Hugo Chavez, has been central bank president since April 2009. Barclays points out that during Merentes’ previous run as finance minister, in 2004-2007, he held Venezuelan 5-year credit default swaps at an average of 230bp. Levels are now at 780bp, the bank says. Barclays adds that it sees better relationships with the private sector and international markets ahead under Merentes. “Nonetheless, he will have a bigger challenge today than he had five years ago, given the increase in the size of the state and the number of the public enterprises after the expropriation policy that President Chavez started in 2007,†Barclays says. Merentes was also finance minister in 2001-2002.
Category: People
Itau Corporate Client Group Head Leaves
Itau’s corporate client group head Marcelo Marangon has left the bank. He joined the investment banking division in 2011, from HSBC, where he had been head of Brazilian global banking since 2008. Directors Andre Cury, Antonio Sanchez, Jorge Bedran Jettar, and Paulo de Paula Abreu, have also left, LatinFinance understands. Replacements have not been announced. The bank declined to comment.
Actinver Hires DCM Head
Nathan Moussan is to join Mexico’s Actinver as head of debt capital markets, according to a source familiar with the move. The banker is to start Monday, joining from Santander Mexico’s domestic DCM team, where he had been since 2011. He was previously in a similar position at Scotiabank in Mexico.
Diniz Approved as BRF Chair
Abilio Diniz has been approved as chairman of Brasil Foods (BRF), BRF says. The businessman controversially remains on the board of retailer Grupo Pao de Acucar. French retailer Groupe Casino, which controls Pao de Acucar through holding company Wilkes, had ousted Diniz from Casino’s board last year. Diniz replaces the retiring Nildemar Secches as BRF’s chair.
Ex-Hacienda Official Joins BlackRock
Gerardo Rodriguez, who left Mexico’s finance ministry last year, is set to join BlackRock as a managing director and member of the firm’s EM leadership team, the asset manager says. He will be based in New York starting April 22, reporting to Richard Kushel, head of strategic product management, and Patrick Olson, global head of strategy and planning. Rodriguez spent 14 years at the Hacienda, most recently as undersecretary of finance and public credit.
DCM Banker Returns to CS
Michael Cummings has rejoined Credit Suisse, where he becomes head of Latin America debt capital markets, according to a source familiar with the matter. The banker had left the Swiss shop last year to join UBS, working on debt and equity. Cummings fills the void left by former head Michael Schoen, who left CS late last year to join Scotia, along with Marc Chouchani. Cummings reports to global DCM head Thomas Mercein. His previous phase at CS lasted eight years.
SulAmerica Names CEO
Brazilian insurer SulAmerica has named Gabriel Fagundes Filho as CEO, the company says. He previously served as vp of SulAmerica’s health and dental operation. He replaces Thomaz Cabral de Menezes, who had been in the role since 2010 and leaves to pursue personal projects.
Brokerage CEO Steps Down
Francisco Ossa has stepped down from his role as CEO of Merrill Lynch Corredores de Bolsa in Chile, the brokerage says. He has held the position since July 2008, and is replaced by Max Cuenca.
Corpbanca Corredores CEO Resigns
Corpbanca Corredores de Bolsa CEO Cristian Donoso Larrain has announced his resignation, effective April 30, the Chilean brokerage says. Pablo Meyer will step into the role as of May 1.
Itau Names International IB CEO
Charles Stewart has been named CEO of Itau BBA International, the investment banking business of the Brazilian bank says. He replaces Almir Vignoto, who moves to New York for another position with Itau BBA, beginning June 24. Stewart joins from Morgan Stanley, where he has worked for 19 years, most recently as vice chairman of investment banking for Europe, Middle East and Africa, and previously led LatAm investment banking.