Santander Drops Executive Hire Amid Investigation
- Santander has abandoned plans to install Alexsandro Broedel Lopes as its chief accountant.
- lopes joined Santander in October and was slated to become group chief accounting officer, a senior management position.
- The change follows reports that Lopes was under criminal investigation in São Paulo for allegedly misappropriating funds while at Itaú.
Santander has reversed its decision to appoint Alexsandro Broedel Lopes as chief accountant, a move prompted by an ongoing police investigation into alleged fraud at Itaú, where Lopes previously served. Manuel preto will now take over the role at the end of July. This significant growth comes after reports revealed Lopes was under criminal investigation in São Paulo for purported fund misappropriation while at Brazil’s largest bank. The bank’s board approved the appointment before the allegations surfaced. Although Lopes passed regulatory hurdles, including the European central Bank’s scrutiny, the investigation’s public nature forced Santander’s hand. News Directory 3 is following this story closely. While Lopes denies all accusations, and no charges have been filed, the appointment of Preto indicates a pivotal shift in leadership. Discover what’s next as this investigation unfolds.
Santander Replaces Executive Amid fraud Investigation
Updated June 04, 2025
Santander has abandoned plans to install Alexsandro Broedel Lopes as its chief accountant. The decision comes nearly four months after a police investigation began into alleged fraud during his tenure at Itaú, Brazil’s largest bank.
lopes joined Santander in October and was slated to become group chief accounting officer, a senior management position. Though, Santander announced in a memo that Manuel Preto, deputy chief executive of its Portuguese buisness, will now assume the chief accounting role at the end of July.
The change follows reports that Lopes was under criminal investigation in São Paulo for allegedly misappropriating funds while at Itaú. Prosecutors initiated the investigation to “determine the facts” after Itaú accused Lopes, its former CFO, of siphoning funds through a consultant.
Santander’s board approved Lopes’ appointment in June, before the allegations surfaced.Lopes had received regulatory approvals, including passing the European Central Bank’s “fit and proper” test. After the investigation became public, Santander called Lopes a “highly regarded senior executive” and said it was “monitoring any developments.”
Lopes has not been charged, and the investigation’s outcome remains unknown. Santander and Lopes’ spokesperson declined to comment on the memo.The spokesperson previously called the allegations “unfounded and meaningless,” asserting Lopes “has always conducted himself ethically and transparently.”
What’s next
The appointment of Manuel Preto as chief accountant signals a shift in Santander’s leadership as the investigation into Alexsandro Broedel Lopes continues.