* Vassimon left Itaú in 2008
* Replaces Werlang as senior vice president for risk
By Guillermo Parra-Bernal
SAO PAULO, Jan 30 Itaú Unibanco Holding SA
tapped Eduardo Vassimon as senior vice president for
risk and compliance, replacing Sergio Werlang, the bank said on
Vassimon, who left Itaú in 2008 to pursue other interests,
will be in charge of risk modeling and compliance at all areas
of Brazil's largest private-sector lender. He is scheduled to
start on Feb. 1, the bank's press office said in an emailed
A source told Reuters earlier this month that the dismissal
of Werlang as senior vice president for finance, risk and
compliance was probably linked to an internal view that the
division was responsible for massive credit-related losses in
some segments last year. From now on, Itaú will separate the
finance unit from risk and compliance.
Under the new structure, Chief Financial Officer Caio David
will report to Chief Executive Officer Roberto Setúbal, the
Vassimon's return to Itaú comes as the banking behemoth
faces weak growth in loan disbursements, a focus on less-risky
types of credit that charge lower interest, and a rapid
compression in banking spreads. Previous to 2008, he spent his
entire professional career at Itaú and Itaú BBA, the lender's
wholesale and investment banking division.
The bank is due to report fourth-quarter earnings on Feb. 5,
before the market opens. Net income excluding one-time items at
Brazil's most profitable bank likely fell 5.9 percent to 3.523
billion reais ($1.78 billion), according to a Thomson Reuters
poll of five analysts.
Preferred shares of Itaú Unibanco fell 0.6 percent to 34.55
reais on Wednesday. The stock has gained 4.2 percent this year.