Sao Paulo/Brasilia — Brazilian state-controlled bank Banco do Brasil is planning reforms to better compete with private rivals, after President Jair Bolsonaro quashed an attempt by management to fully privatise the lender, according to four people familiar with the matter.

The plan includes changing employment rules to make it easier for the bank to hire and fire staff and remove some pay restrictions, said these people, who declined to be identified because the plan is not public yet. They said the plan also calls for the bank to maintain its dividend payout ratio even as it expects asset sale proceeds to add to profits in the coming months, and form partnerships with financial technology and other start-ups...

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