May 12 (Reuters) - Brazilian state-run lender Banco do Brasil announced on Friday that Gabriel Galipolo, the executive secretary of the Finance Ministry and the president's pick for a key central bank role, has been elected as the company's chairman.

Finance Minister Fernando Haddad announced earlier this week that Galipolo would be nominated for the position of monetary policy director. However, President Luiz Inacio Lula da Silva still needs to submit the nomination to the Senate for final approval.

Galipolo told Reuters that if he is nominated to the central bank position he will step down from Banco do Brasil's board.

Anelize Lenzi Ruas de Almeida was also elected as the company's vice-chair, said Banco do Brasil in a securities filing.

Candidates for the central bank's top roles are required to submit their resumes to the senators, disclosing their involvement in private companies and participation in the boards of state-owned firms.

Typically, candidates divest their stock holdings or relinquish leadership positions in entities from the financial system regulated by the central bank before submitting their resumes.

Lula's selections for the central bank have generated significant anticipation, given his critical stance towards the institution, which has maintained interest rates steady at a 13.75% cycle-high since September, despite declining inflation.

The term of the current governor, Roberto Campos Neto, will conclude in December 2024. Lula will gradually replace all nine members of the bank's board, responsible for monetary policy decisions. However, the new members will only hold a majority once Campos Neto leaves his position.

(Reporting by Marcela Ayres, Carolina Pulice and Peter Frontini; Editing by Anthony Esposito and Aurora Ellis)