Portugal Quits IMF For Febraban

Murilo Portugal has resigned as deputy MD at the IMF with immediate effect to become president of the Brazilian Banking Federation (Febraban). He takes over from Fabio Barbosa, also president of Grupo Santander Brasil. Portugal became deputy MD at the fund in December 2006. Between 1998-2005 he was executive director representing Brazil, Colombia, Dominican Republic, Ecuador, Guyana, Haiti, Panama, Suriname, and Trinidad and Tobago on the IMF’s executive board. He will stay at the fund as special advisor to the MD until early March. The IMF says it will shortly start the process to select a new deputy MD.