October 2, 2017 / 10:25 AM / a year ago

Brazil's BTG: to buy back up to 15.5 mln share units

SAO PAULO, Oct 2 (Reuters) -

** The board of Banco BTG Pactual SA has approved a new share buyback program for up to 15.5 million share units , according to a securities filing on Monday

** The aim of the buyback program is allow for an efficient use of cash resources, so as to maximize the bank’s capital allocation

** The share buyback deadline expires in up to 18 months, and management has discretion to decide when is the best moment to acquire the shares

** Banco BTG’s board also approved cancellation of 16,216,200 common shares and 32,432,400 class A preferred shares, which were bought back in the form of units

** After the cancellation, the bank no longer holds units or shares in treasury at the present date (Reporting by Ana Mano)

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