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, there was only one topic of conversation: the confirmation that Santander Brasil will have a new president. Mario Leão is stepping down after four years, and Gilson Finkelsztain, formerly at the helm of B3, has been chosen to take over by July. Those with insider connections expected a move of this magnitude, but the official announcement still caught many by surprise.

The 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. Delinquency 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 win back the market's confidence.

And it's fair to say he delivered. Under his leadership, the bank underwent a deep restructuring. The return on equity (ROE), which flirted with 10% in mid-2023, rebounded 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 pulling back somewhat from the low-income retail segment. The plan laid out by the Spanish parent company aims for a 20% ROE by 2028, and Leão leaves the ship on a steady course.

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

The Choice of Gilson Finkelsztain: Why Him?

Enter Gilson Finkelsztain. His name has been on Santander's radar for some time. Last year, he was announced as a candidate for the bank's board of directors but ultimately declined to avoid conflicts with B3. This time, the story is different. The Spanish parent company sought out someone who knows the Brazilian market well and has history with 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 has reached a level of maturity that allows for a structured succession. His words were direct:

• “I'm very happy with the chapter I've lived here,” highlighting the achievements and legacy left behind;
• “I wish Gilson all the best,” stating that the transition will be smooth and the strategy will continue;
• “Brazil is a market 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 the bank's transformation and said she was “pleased” to welcome Finkelsztain back. “His experience and recognition in the Brazilian financial sector make him well-qualified to lead the next phase of growth,” she said.

Who Is Gilson Finkelsztain?

Anyone following B3 knows that Finkelsztain is no ordinary figure. He has led the stock exchange since 2017, spending nearly a decade in the position. Before that, he worked at Bank of America Merrill Lynch, JPMorgan, Citigroup, and Cetip. A civil engineering graduate from PUC-Rio, he has a solid track record and joins Santander at a time when the bank needs to balance growth with profitability amid fierce competition from fintechs.

The executive has already made his focus clear: transforming the “solid foundation” he inherits into meaningful results for clients, shareholders, and society. It's no small challenge, but those familiar with his time at B3 know he doesn't shy away from a good fight.

What Now?

Mario Leão will stay on until July to ensure a smooth transition. After that, Finkelsztain will take the reins of Brazil's third-largest private bank. Santander's bet is clear: a heavyweight executive with deep knowledge of the Brazilian capital markets to continue the recovery strategy and open up new avenues for growth.

Clients and investors can rest easy: the selective, profitability-focused credit strategy remains in place. Now, all eyes are on how the new captain will navigate these competitive waters.