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Bradesco to manage state of Paraíba's payroll

Banco Bradesco SA has paid 200.5 million Brazilian reais to manage the payroll of 123,000 civil servants in the Brazilian state of Paraíba after winning the state government's bid last week, Valor Econômico reported.

The bank has 40 branches and more than 220 service stations in Paraíba. It plans to expand the network by 35% and modernize existing facilities.

Before Bradesco, Banco do Brasil SA was in charge of the management of the payroll for Paraíba.

As of Oct. 4, US$1 was equivalent to 3.13 Brazilian reais.