Gilson Finkelsztain Leaves B3 to Take Over as CEO of Santander Brasil, Replacing Mario Leão

The Brazilian financial market woke up to one of the most talked-about news stories of the year. Down the halls of Faria Lima, the buzz was all about one thing: confirmation that Santander Brasil will have a new president. Mario Leão is stepping down after four years, and Gilson Finkelsztain, previously at the helm of B3, has been chosen to take over the role by July. Those in the know had been expecting a move of this magnitude, but the official announcement still caught many off guard.

End of an era: Mario Leão and the mission to restore profitability

Mario Leão has been with Santander for over a decade. He took over as CEO in January 2022, succeeding Sergio Rial, at a challenging time for the bank. Default rates were high and profitability was under pressure. Anyone who remembers the post-pandemic landscape knows it wasn't easy. Leão's mission was to turn things around and regain the market's confidence.

And it's fair to say he delivered. Under his leadership, the bank underwent a major restructuring. The return on equity (ROE), which was hovering around 10% in mid-2023, climbed back to 17.6% in the last quarter. The strategy was clear: prioritize more profitable lending lines, such as small and medium-sized enterprises (SMEs) and high-income clients, while stepping back somewhat from low-income retail. The plan set by the Spanish parent company targets a 20% ROE by 2028, and Leão leaves the ship on a steady course.

Behind the scenes, it's understood that his departure wasn't a sudden decision. Earlier this year, he reportedly informed the group's leadership of his intention to step down for personal reasons. At 50, the executive has hinted he's ready for new challenges and wants to apply his experience in other industries.

The choice of Gilson Finkelsztain: why him?

That brings us to Gilson Finkelsztain. He’s been on Santander's radar for some time. Last year, he was announced for the bank's board of directors but ultimately declined to avoid conflicts with B3. This time, it's a different story. The Spanish parent company sought out someone with a deep understanding of the Brazilian market and previous ties to the organization—Finkelsztain worked on Santander's interest rate desk between 2011 and 2013.

Mario Leão himself moved to reassure the team. In an internal memo, he made it clear that the bank had reached a level of maturity that allows for a structured succession. His words were direct:

• “I'm very happy with the chapter I've had here”, highlighting the achievements and the legacy left behind;
• “I wish Gilson all the best”, stating that the transition will be smooth and the strategy will continue moving forward;
• “Brazil is a market full of great opportunities”, echoing the confidence of someone who knows the strength of the local operation.

Santander Chair Ana Botín also weighed in. She thanked Leão for his “very important role” in transforming the bank and said she was “pleased” to welcome Finkelsztain back. “His experience and standing in the Brazilian financial sector make him highly qualified to lead the next phase of growth,” she stated.

Who is Gilson Finkelsztain?

Anyone who follows B3 knows Finkelsztain is no ordinary figure. He has been at the helm of the stock exchange since 2017—practically a decade in the role. Before that, he worked at Bank of America Merrill Lynch, JPMorgan, Citigroup, and Cetip. With a degree in civil engineering from PUC-Rio, he has a solid track record and joins Santander at a time when the bank needs to balance growth with profitability amidst fierce competition from fintechs.

The executive has already signaled his focus: turning the “solid foundation” he inherits into meaningful results for clients, shareholders, and society. It's no small task, but those familiar with his tenure at B3 know he's not one to shy away from a challenge.

What's next?

Until July, Mario Leão will remain in his role to ensure a smooth transition. After that, Finkelsztain will take the reins of the country's third-largest private bank. Santander's bet is clear: a heavyweight executive with an unmatched knowledge of Brazil's capital markets to continue the recovery strategy and open up new avenues for growth.

If you're a client, investor, or do business with the bank, there's no need for concern: the strategy of more selective and profitable lending remains on track. Now, it's a matter of watching how the new captain navigates these highly competitive waters.