Banco BMG SA said Bernard Camille Paul Mencier resigned as its board chairman, with the company electing Ana Karina Bortoni Dias as his replacement.

Bortoni Dias will serve as chairman until the company's annual general meeting in 2021.

Additionally, Banco BMG said Roberto Faldini and João Annes Guimarães resigned as directors on the bank's board. The company appointed Antonio Mourão Guimrães Neto as a new board member.

The bank did not disclose a reason for Paul Mencier's resignation.