Market Chatter: Banco Santander Exec Faces Investigation Over Fraud Allegations in Brazil

03:45 AM EST, 12/05/2025 (MT Newswires) -- Banco Santander (SAN.MC) executive Alexsandro Broedel Lopes is facing a formal investigation by the central bank of Brazil over fraud allegations made by his former employer, Brazilian lender Itaú Unibanco, London's Financial Times reported Friday, citing a document. A sanctioning process was started by the Banco Central do Brasil against Lopes in October after Itaú Unibanco claimed that he was involved in a fraudulent scheme while working there, the report said. Lopes, who denies the allegations, was appointed as executive vice president at Santander in September and remains employed at the Spanish lender. Santander did not immediately respond to a request for comment from MT Newswires. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)