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BANCO ECONOMICO ANNOUNCES EXECUTIVE CHANGES

 SALVADOR, Bahia, Brazil, Jan. 5 /PRNewswire/ -- Banco Economico S.A., Brazil's sixth-largest private-sector bank, today announced a realignment of senior management responsibilities, effective Tuesday, Feb. 1, 1994. These changes continue the ongoing strategic reorganization of the bank in order to achieve greater efficiency and to intensify its participation in Brazilian and international investment markets.
 Angelo Calmon de Sa, chairman of the board and chairman of the executive committee, re-assumes direct responsibility for the day-to-day management of the bank as president and chief executive officer. Alfred de Castro Rebello Kirchhoff leaves the bank's presidency in order to assume new functions as a member of the bank's board of directors' standing committees.
 Mr. Calmon de Sa had been president of the bank since 1971. In April 1992, he was named Brazil's minister of regional development, returning to the bank in October 1992 as chairman of the board of directors and chairman of the executive committee. Mr. Kirchhoff had succeeded Mr. Calmon as president and chief executive officer in April 1992.
 Commenting on the realignment of responsibilities, Mr. Calmon de Sa said, "Alfred Kirchhoff has brought about a number of beneficial changes in the bank's structure and operations during his tenure as president. These have resulted in a dynamic image, improved customer service, greater efficiency, and increased business for the bank." He added, "I look forward to Mr. Kirchhoff's continued contributions to the bank as a member of our board of directors."
 In 1992, Banco Economico had total assets of US$5.29 billion and net income of US$39.25 million. It is the oldest private financial institution in Latin America, and is active in retail, middle-market, corporate investment and international banking, providing its clients with a wide range of financial services. The Economico Group also has significant shareholdings in major Brazilian industries, such as petrochemicals, steel, agribusiness, real estate development and tourism. This year the bank celebrates 160 years of operations, a period over which it has paid an unbroken series of semiannual dividends to its shareholders.
 -0- 1/5/94
 /CONTACT: P. Michael McDermott of Banco Economico, 212-758-3700, or fax, 212-758-3881/


CO: Banco Economico S.A. ST: IN: FIN SU: PER

TM-CK -- NY076 -- 9513 01/05/94 17:15 EST
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Publication:PR Newswire
Date:Jan 5, 1994
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