Rossano Maranhao, president of the state-owned bank Banco do Brasil SA, resigned Monday from his position at the largest Brazilian financial institution.

Maranhao said his resignation was due to personal reasons and would start working in the private sector in 2007. In Brazil, a top executive from a state-owned institution can only skip to a private company after a four-month quarantine.

Finance Minister Guido Mantega announced that Antonio Francisco de Lima Neto, who began his career at the bank as an apprentice, will took up Maranhao's position.

Before withdrawing, Maranhao presented a balance of the bank's performance over the past four years, as well as expectations for the upcoming future, to President Luiz Inacio Lula da Silva.

Lima Neto's job is regarded temporary as Lula, who was re-elected on Oct. 31, has not yet released the roster of his next administration.

Lima Neto, 41, began working with Banco do Brasil in 1979 when he joined the apprenticeship program. Before the appointment, he served as vice president for retail.