Banco do Brasil President On His Way Out After Losing Faith of Government

11/07/2014 - 08h53

The president of the Banco do Brasil (BB), Aldemir Bendine, has informally delivered his resignation to the Finance Minister, Guido Mantega.

Bendine lost the government's confidence as head of the bank, after Folha revealed that the institution helped the TV presenter Val Marchiori - a personal friend of Bendine's - take out a loan.

Officially, his exit will occur after President Dilma Rousseff returns from the G20 summit (a meeting of representatives from 20 major global economies), which is due to take place on November 15 and 16 in Australia.

Folha also revealed in August that Bendine was under investigation by the Federal Revenue of Brazil (Receita Federal) for being unable to account for US$110,000 (R$280,000) he held.

In the same month, Folha covered the testimony of an ex-driver of the BB to the Public Prosecutor's Office, who claimed to have made cash payments and transported in-kind resources on Bendine's request.

In October, Folha discovered that Val Marchiori received US $1.1 million (R$2.7 million) in a loan subsidized by the government, through a credit line of the Brazilian Development Bank (BNDES).

The loan broke internal BB rules.

Bendine denies accusations of irregularities and claims that his investigation by the Federal Revenue was down to an error in his tax declarations.

He also says he did not participate in negotiations regarding Marchiori's loan, which BB and BNDES say was carried out according to internal rules.

The BB has also denied that Bendine has submitted his resignation.

Translated by TOM GATEHOUSE

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	Simon Plestenjak/Folhapress
	The president of the Banco do Brasil, Aldemir Bendine, has informally delivered his resignation to Finance Minister, Guido Mantega.