Santander Brazil CEO to Step Down; Gilson Finkelsztain Named Successor

Gilson Finkelsztain, currently CEO of B3, Brazil’s stock exchange, will become the next chief executive of Santander Brasil, the companies announced Thursday evening. The appointment, subject to regulatory approvals, marks a return to Santander for Finkelsztain, who previously held positions at the bank between 2011 and 2013, according to a filing with the U.S. Securities and Exchange Commission.

Finkelsztain will succeed Mario Leão, who has led Santander Brasil for five years and been with the group for eleven. Leão informed the bank earlier this year of his decision to step down, allowing for a planned succession, Banco Santander Executive Chair Ana Botín said in a LinkedIn post Friday. Leão will remain in his role until the transition is complete, according to the SEC filing.

“He brings a strong background and experience in Brazil’s financial sector — including Santander — placing him well to lead the next phase of profitable growth at Santander Brazil,” Botín stated.

Prior to his tenure at B3, which began in 2017, Finkelsztain held roles at Citibank and J.P. Morgan. During his leadership of B3, the exchange more than doubled its revenue, reaching a “fresh level of profitability and resilience,” with R$40.1 billion in generated cash distributed to shareholders, the exchange noted in a statement. The transition at B3 will be gradual, with Finkelsztain remaining in his current position through the first half of the year, ensuring a smooth handover.

Leão, in a LinkedIn post translated by the platform, stated he would continue as CEO until the leadership transition is finalized. “Having led this company with all my strength and energy throughout these years, I couldn’t be happier with what we have experienced since then,” he wrote. “We are transforming our portfolio, our results, our journeys and, above all, our absolute focus on the customer vision — and, from there, our increasingly strong culture of service.”

Botín highlighted Leão’s contributions to Santander Brasil, noting that under his leadership, the bank became “a more diversified, agile and strong organization.” She also emphasized their joint efforts to engage with customers across Brazil, from large corporations to entrepreneurs.