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Banrisul sends nonbinding offer on payroll services to state of Rio Grande do Sul

Banco do Estadodo Rio Grande do Sul SA sent to the state of Rio Grande a nonbindingoffer for the assignment of services related to the payroll of state public servants.

The amount and other conditions of the transaction are not yetdefined and will be subject to negotiation between Banrisul and the state, accordingto a May 2 statement.

The offer was approved by the bank's board April 29.

Brazilian investor association Amec earlier raised over the bank's offeringswith Rio Grande state, which owns the bank, as a bidding process was not held forpayroll services.