SAO PAULO: Banco do Brasil SA's CEO Andre Brandao said on Friday that there was a miscommunication with President Jair Bolsonaro when the bank announced it would close more than 300 branches nationwide.

Brandao told journalists that Banco do Brasil will not altogether abandon any town.

If the lender decided to close a branch in a given place, another office would provide basic services there, he said. He reiterated plans to reduce Banco do Brasil's footprint and save 10 billion reais ($1.85 billion) through 2025.