The treasurer of Santander Brazil, Luiz Masagão, is leaving the bank to join B3.Rafael Kappaz, the current CEO of Santander Asset Management, will take over the position – internally known as Head of Markets Brazil. Kappaz has been with Santander for 21 years and has worked at the bank in Madrid and London.
His successor in the asset management leadership role has not been defined yet. Masagão, who started his career at Citi and has been with Santander for 14 years, will be the new vice president of products and clients at B3, replacing José Ribeiro de Andrade, known as Juca, who will leave B3 at the beginning of next year.
Juca had expressed his intention to leave since the beginning of the year and chose his successor. (Juca was Masagão’s boss during their time at Citi.)Juca joined what was then BM&F Bovespa in 2016.
His vice presidency interfaces with the seven types of Exchange clients: buyside, sellside, treasuries, areas of qualified services (administrators), HFT (high-frequency traders), retail, and issuers.
In addition, he is responsible for three major product areas: the counter (which includes products from the old Cetip, such as duplicatas), listed products, and the market data area for capital markets.
Masagão, who succeeded Roberto Campos Neto in the Santander treasury, comes from a family in the financial market: his father was CEO of Banco Indusval and chairman of BM&F Bovespa before B3 existed.
