Economist Marcelo Serfaty left the Board of Directors of the National Bank for Economic and Social Development (BNDES), informed the development institution this Friday, 12th. Serfaty was president of the collegiate, a position in which he will be replaced by Walter Baère de Araújo Filho , current vice president, but who has been a member of the bank’s board since 2016.
In a note, BNDES informed that Serfaty left the vacancy on the Board of Directors “on request”. “The Executive Board emphasizes and appreciates his relevant contribution to the management of the bank and as Chairman of the Board since November 2019, period in which he led the process of designing and consolidating the Bank’s new strategic plan, together with the other Directors and the Executive Board” , says the note.
Serfaty’s arrival at the presidency of the BNDES’ board gave the position a leading role never seen before in the development institution. An active voice in the strategy of selling shareholdings in large companies, the executive also stood out in the planning of measures to mitigate the crisis caused by the covid-19 pandemic. After signaling with the coordination of the private bank union that would support an emergency credit package that could reach around R$ 50 billion to help large companies, such as airlines, the BNDES’ actions ended up being much more timid, focusing on companies smaller.
“The (crisis caused by) covid was a war scenario”, said Serfaty, in April this year, in a rare public presentation about the BNDES, during a lecture at an online event promoted by Bradesco BBI.
When discussing the role of the BNDES in this presentation, Serfaty stressed that “the best allocation of capital” for the development institution “is not to increase the portfolio”.
“It’s about increasing the portfolio by leveraging the ability of the private sector to invest more. Our role is to make the volume of investment explode in Brazil,” he said. For the executive, as an “inducer of private investment”, the BNDES is no longer the “only provider of capital for private investment”.
Considered an “intense executive”, with extensive experience in investment banking and operations involving companies, Serfaty’s active role drew attention at the BNDES. Traditionally, the bank’s board has always had a subordinate role to the board. The State-Owned Companies Law of 2016 gave more attributions to the boards even in public companies fully controlled by the Federal Government, as is the case with BNDES. The meetings became more frequent, but the more “executive” role of the president of the body was considered “unusual”, as shown by the Broadcast/Estadãoin May 2020.
Serfaty joined the BNDES’ board on the recommendation of the Minister of Economy, Paulo Guedes. The two were partners at Banco Pactual and at Fidúcia Asset Management. Serfaty began his career in the research area of the bank Bozano Simonsen, in Rio. Later, she was part of the group of partners at Banco Pactual – today BTG Pactual – which rose in the second half of the 1990s, still in the state capital, replacing the original group of founders – Luiz Cezar Fernandes, André Jakurski and now Minister Guedes.
Years later, Serfaty would also leave Pactual. In 2003, he founded the manager Fidúcia Asset Management, also in Rio, which he operated until he joined G5 Partners, and in which he became a partner with Guedes again – after the current minister left JGP, a Rio de Janeiro manager where he was a partner with Jakurski. When he joined the BNDES board, Serfaty was a partner at G5 Partners.
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