RIO DE JANEIRO -(Dow Jones)- Bradespar SA (BRAP4.BR), the investment arm of Brazil's Banco Bradesco SA (BBDO, BBDC4.BR) announced Friday former director Luiz Mauricio Leuzinger was elected president of its board. He replaces Joao Moises de Oliveira, president since 2000, who is retiring.

Leuzinger is currently a member of the board of Valepar SA, which groups together the controlling shareholders in Brazilian mining company Vale SA (VALE, VALE5.BR), in which Bradespar holds a stake.

Bradespar also said its shareholders approved a proposal to increase its capital by 680 million Brazilian reais ($361 million) to BRL3.9 billion.

-By Diana Kinch, Dow Jones Newswires; 55 21 2586 6086; diana.kinch@dowjones.com