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HomeBankingDigital challenger Inter promotes SVP Alexandre Riccio to Brazil CEO

Digital challenger Inter promotes SVP Alexandre Riccio to Brazil CEO

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Summary of Inter’s Leadership Changes and Strategy

  • Leadership Appointment:
    • New CEO: Alexandre Riccio appointed as CEO for Brazil.
    • Focus Shift: Current group head Joao Vitor Menin will focus on global expansion and innovation.
  • Alexandre Riccio:
    • Experience: Over 10 years at Inter, previously held leadership roles including SVP, managing Inter’s Brazilian Retail Banking division.
    • Goals: Plans to drive intense results and enable Menin to focus on innovation.
  • Company Background:
    • Founded: 1994.
    • Digital Checking Account: Launched Brazil’s first digital checking account in 2015.
    • User Base: Over 26 million users in Brazil and recently the US.
    • Services: Offers financial and digital commerce solutions through a super-app, including retail marketplace, cross-border payments, credit, insurance, banking, and investments.
  • Joao Vitor Menin:
    • Tenure: Joined Inter in 2004, board member and executive director before becoming CEO in 2015.
    • Family Stake: Menin family holds an estimated 27% stake in the company.
    • Acquisition: Oversaw the acquisition of US-based alternative investment firm YellowFi in 2023 to enhance Inter’s capabilities and ecosystem.
  • Strategic Focus:
    • Global Expansion: Menin to concentrate on expanding and innovating globally.
    • Capital-Light Capabilities: Acquisition strategy focuses on adding complementary, capital-light capabilities and expertise.

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