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Banco do Brasil to close foreign retail ops in all areas except Miami and Japan

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Banco do Brasil to close foreign retail ops in all areas except Miami and Japan

Banco do Brasil SA plans to close its retail branches in most of the 19 foreign markets where it operates, except in Miami and Japan, Antônio Maurício Maurano, the bank's Vice President of Wholesale Operations told Reuters.

The state-run bank will also scale its operations in Japan down to three branches from seven, according to the report.

Banco do Brasil announced in September it was shutting its doors on retail operations in Portugal and France under the restructuring of its international business and will now move on to closing the remaining branches around the world, the executive said.

"We will only maintain agencies where we can have any scale and be profitable," Maurano said. He added that the bank would keep foreign business offices focused on large companies with Brazilian branches in other countries.

Márcio Moral, Banco do Brasil's head of corporate banking, said the bank would continue to serve clients based in Europe from its Lisbon office.

Meanwhile, the operations of retail units owned by the bank but which are outside its organic structure, such as the Miami-based Banco Do Brasil Americas and the Argentine bank Banco Patagonia SA, will continue as normal, Maurano reportedly told the newswire.

Last year, the state-run lender announced a broad strategy of a reduction of operations and international branch closures in order to strengthen its capital.