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Banco do Brasil seeks streamlining as digital services gain room

SAO PAULO Nov 21 Banco do Brasil SA's plan to save as much as 3.05 billion reais ($903 million) by shedding up to 18,000 jobs stems from the need to be a stronger digital player, boost returns and catch up with rivals, Chief Executive Office Paulo Rogêrio Caffarelli said on Monday.

The state-controlled lender plans to close 402 branches, downsize another 379 and give early retirement to employees who accept terms proposed during an offer period ending Dec. 9. Expected annual savings, excluding personnel costs, could be as much as 750 million reais.

($1 = 3.3769 reais) (Reporting by Guillermo Parra-Bernal; Editing by Robin Pomeroy)

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