Banco do Estado do Rio Grande do Sul SA said its board approved a payment of interest on equity for the fourth quarter in the total net amount of about 14.5 million Brazilian reais, corresponding to 3.53 centavos per common share.

The payment will be made Dec. 29 to shareholders of record as of Dec. 14. The bank's shares will begin trading "ex-right" of the interest payment on Dec. 15.

As of Dec. 9, US$1 was equivalent to 3.36 Brazilian reais.