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Brazilian midsize lender Banco Pine's board has approved a stock buyback program for up to 2.15mn preferred shares, which the bank will keep in treasury to "maximize value creation for our shareholders," Pine said in a filing with securities regulator CVM.
The amount of shares represents some 10% of the total in circulation as of September 16, but Pine recently announced a capital increase of between 43.8mn reais and 117mn reais (US$26.2mn and US$70.0mn) via the issuance of new preferred shares.
The bank will have until August 31, 2012, to complete the share buyback program, which will be done with Pine's capital reserve and equity.
Rio de Janeiro-based brokerage XP Investimentos will handle the repurchase, the filing reads.