Luiz Carlos Trabuco is the current president and CEO of Brazil’s largest insurance company. He was born in Marilia, Sao Paulo on October 6, 1951. Trabuco holds a postgraduate degree in Socio-Politics from Sao Paulo’s School of Philosophy, Sciences, and Literature. He began his career at Bradesco at the young age of 22 in 1969. Throughout his 40-year career, he held various positions within the organization. In January 1984, he was appointed a Department Director and in 1999 became Bradesco’s Executive Vice President. Since 2003, he holds Bradesco’s presidency after succeeding his predecessor Cypriano.
With his extensive experience and impressive knowledge, he has managed to transform the company’s fortunes. Upon assuming the chair, Bradesco was on a wrong path financially. Back then, bitter rivalry existed between Bradesco and Itau Unibanco. Due to this competition for market dominance, Luiz Carlos Trabuco engineered Bradesco’s acquisition of HSBC’s Brazil operations at a cost $5.2 billion. This placed Bradesco as the dominant and largest player in Brazil’s financial market sector. In addition to that, Trabuco helped the company improve its customer base and expand its geographical outreach. For example, Bradesco’s market share increased to 35% up from 25 % since he assumed the presidency. This is a marginal growth of 10 percentage points.
Trabuco’s forty years in the company equips him with a unique understanding and viewpoint of the company’s culture, aspirations, and goals. This is demonstrated in his devotion to the activities of the enterprise. This enables him to maintain a positive outlook regarding the company’s operations and the future of the market. Trabuco predicts that the Brazilian insurance market is to grow rapidly to over 100 million clients by 2025. As a result, to cater for this exploding market, he has intensified the company’s rate of opening new branches all over the country.
To him, the insurance sector is an essential component of the economy and welfare of the country. As such, he pays keen attention to the country’s social demographics. This has, in turn, allowed him to devise a strategy that repositions Bradesco actively in the market. For instance, he has managed to increase the company’s client base from 20 million to 27 million and active saving account holders from 37.7 million to approximately 50 million. Apart from that, Trabuco’s presidency is distinctive in that his tenure has pushed Bradesco into the leadership spot again.
Trabuco is among a few prominent industry executives with the ability to influence the economic life of ordinary Brazilians. As Bradesco’s president, economists, politicians, and the media seek after his opinion and advice. Trabuco’s rigorous application of banking knowledge to insurance has propelled Bradesco into its current success. Unlike most of his predecessors and competitors, he firmly believes in market segmentation. According to this approach, insurers should sell policies by using brokers.
His appointment to Bradesco’s presidency was opportunistic as he helped turn around the company’s performance. Trabuco is the fourth president of Bradesco in its 70 plus year history. His many years of work in the business make him an embodiment of the company’s spirit, culture, and history. Similar to his predecessors, Trabuco’s work routine begins at 7 am and ends at 18 pm. In addition to that, he has a personal habit of greeting clients at the main branch personally while taking care to inform them of the insurer’s services carefully. He often extends his working hours through various dinner and speaking engagements.
Various bodies have recognized his efforts in the country; he has been awarded the Personality of the Year award twice. During Dilma Rousseff’s presidency, he had been tapped to run the Ministry of Finance. Though he politely declined the President’s request, he remained cordial and regularly engaged with the administration.
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