Medium-sized BRB-Banco de Brasília SA is looking for a "white-label" partner to launch its new investment platform, Valor Economico reported.

Incoming CEO Paulo Henrique Costa reportedly stressed that the Brasilia-based institution needs to enhance its product offering in order to gain competitiveness, as well as increase its role as a state-run regional institution.

Through the partnership, the bank seeks to offer its structure to expand its offer through the distribution and rebranding of third-party products.

The bank serves 771,000 customers, of which roughly 225,000 are public employees in the country's capital city. According to Costa, the majority of clients do not make use of the institution's services since many have taken advantage of wage portability.

Additionally, the executive noted that an internal investigation has been launched after being targeted by the police under operation Circus Maximus. It looked into an alleged bribe circuit that had former CEO Vasco Cunha Gonçalves among the indicted.