A shift in how Brazil’s state-owned banks will operate

bolsonaro state-owned banks
Joaquim Levy (BNDES), Economy Minister Paulo Guedes, VP Mourão, Pres. Bolsonaro, Chief of Staff Onyx Lorenzoni, Rubem Novaes (BB), and Pedro Guimarães (Caixa)

The new presidents of Brazil’s state-owned banks—the National Bank for Economic and Social Development (BNDES), Banco do Brasil, and Caixa—took office on Monday in Brasília. President Jair Bolsonaro and Minister of the Economy Paulo Guedes signaled that the institutions might shift from the strategies adopted by previous administrations. It was not completely clear, however, what their new guidelines would be.

During a press briefing, Mr. Bolsonaro said his goal was to make state-owned banks more transparent, in what was a dig at...

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