Banco do Nordeste do Brasil SA said 234 employees joined its voluntary redundancy program.

The employees were terminated Oct. 6, with the program incurring costs totaling 54.2 million Brazilian reais.

The total number of people who joined the program was short as the bank's original goal was up to 2,000 employees.

As of Oct. 6, US$1 was equivalent of 3.17 Brazilian reais.