November 12, 2018 / 2:27 AM / a year ago

Brazil names World Bank managing director as BNDES head: news column

FILE PHOTO: Managing Director and World Bank Group Chief Financial Officer Joaquim Levy attends the 10th Cambodia-Laos-Vietnam summit as part of the Greater Mekong Subregion Summit in Hanoi, Vietnam March 31, 2018. REUTERS/Kham/Pool

SAO PAULO (Reuters) - Joaquim Levy, managing director and World Bank chief financial officer, has been tapped to be the next president of Brazil’s development bank BNDES [BNDES.UL], according to a column in newspaper O Estado de S. Paulo published on Sunday.

The columnist, who did not cite a source for the information, wrote that “it is known in the corridors of the World Bank... Levy is emptying his drawers.”

Levy joined the World Bank Group in February 2016, according to the institution’s website. He had previously served as Brazil’s finance minister under President Dilma Rousseff, who was impeached in August of that year for illegally using money from state banks to bankroll public spending.

The World Bank and the BNDES declined to comment.

Reporting by Ana Mano; Editing by Sandra Maler

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