The administration of Rodrigo Chaves-Robles dismissed the board of directors of the state-owned Banco Nacional (BNCR) and appointed new officials on Thursday.

The board of directors of the public bank, founded over 148 years ago, had been composed of then-chair Marvin Arias-Aguilar, along with members Maricela Alpízar-Chacón, Ruth Belarmina Alfaro-Jara, José Bernal Juan-Alvarado, José Manuel Arias-Porras, Montserrat Betzel del Carmen Buján-Boza, and Carlos Rodolfo González-Cuadra.

According to a press release from the Presidential Office, the dismissal of the entire board was the result of a process led by Vice President Stephan Brunner-Neibig.

The reason for the dismissal of all board members was that they “illegitimately appointed Rosaysella Ulloa-Villalobos as General Manager,” the government said in its statement. “She was appointed through a rushed and non-transparent process.”

Just a few hours later, President Chaves swore in the new members of the bank’s board, namely: Anabelle Chaves-Soto, María Brenes-Quesada, María del Milagro Solórzano-León, Noylin Cruz-Suárez, Maximiliano Alvarado-Ramírez, Rolando Saborío-Jiménez, and Alejandro Alberto Solórzano- Mena.

"These individuals will serve on an interim basis to ensure the continuity and efficiency of the bank’s operations," the government added.

The new board will remain in place until a public tender is held to select permanent board members,” the statement continued.

The bank informed its clients that this leadership change will not affect the banking services available 24/7 to its more than 2 million customers.

BNCR is the largest state-owned commercial bank in Costa Rica. In 2023, the financial institution reported revenues exceeding $1 billion, with branches throughout the country and a workforce of over 5,000 employees.

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