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Banco do Brasil reiterates 9.5% capital goal without government help

Banco do Brasil SA CEO Paulo Caffarelli has reiterated the bank's goal to reach a capital ratio of 9.5% under Basel III requirements by 2019 without government help, Valor Econômico reported.

"We expect to achieve this capital level without a federal government injection, in an organic process," Caffarelli was quoted as saying.

Although the state-owned lender isn't relying on asset sales to reach its capital goal, the executive noted that the institution can dispose of assets that are not part of its core business, the publication reported.

Meanwhile, Banco do Brasil expects to save up to 750 million Brazilian reais in administrative costs through June 2017, while its retirement incentive plan should provide up to 2.4 billion reais in cost savings by December 2017, Valor reported separately.

The lender has also revised its 2017 growth forecast for the country's GDP to 0.7% from a previous estimate of 1.5%, the publication noted.

As of Dec. 26, US$1 was equivalent to 3.27 Brazilian reais.