Banco doEstado do Rio Grande do Sul SA said April 12 that it hired KPMGAuditores Independentes to replace Ernst & Young Auditores IndependentesS/S as the bank's independent auditor.

KPMG, which was hired following a bidding process, willaudit the accounts and financial statements of the bank and its subsidiariesfor fiscal years 2016 and 2017. The contract is renewable annually for anadditional three years.