Setubal will not attend the National Council meeting, thus distancing Itaú from the Presidential Palace.

247 – Has Banco Itaú broken with the government? The question hung in the air among business leaders during the 40th meeting of the Economic and Social Development Council, held on Wednesday the 28th at the Palácio do Planalto. Surrounding President Dilma Rousseff and the interim Finance Minister, Nelson Barbosa, various business leaders noted the absence of the Chairman of the Board of Directors of Itaú Unibanco, Roberto Setubal.

Days earlier, he had given an interview to the British newspaper Financial Times that was considered by the Planalto Palace, at the very least, a declaration of distancing from the government. Setúbal criticized the economic policy that pushed down interest rates, blaming Minister Guido Mantega's team for a generalized reduction in the profits of large companies. He complained about the lack of support for business activity. Last year, Itaú recorded a profit of R$ 13 billion, about 5% lower than the previous year.

The fact that Setubal complained in the foreign press, which last year launched attacks against the Finance Minister, Guido Mantega, whose resignation was requested by the British magazine The Economist, further frustrated the expectations of the Planalto Palace regarding a realignment of Setubal with economic policy. This political fallout occurs amidst the changes he himself is promoting in the bank's management, beginning with the extension of his mandate at the head of the institution for another two years.

Continuing her meetings with business leaders, President Dilma is meeting today in Brasilia with Eike Batista, of the EBX Group, and Joeslei Batista, of Friboi.