Banco Macro unveils 2nd share repurchase program of the year
Argentina's biggest domestic commercial lender, Banco Macro, unveiled its second share repurchase program of the year.
The first was announced in May but was not carried out as shares traded above 158 pesos (US$5.62 at current exchange rates), the maximum the bank was authorized to pay by its board of directors.
Under the terms of the latest program, the lender is authorized to spend up to 5bn pesos to acquire up to 5% of the bank's total capital stock.
The maximum payable price remains 158.00 pesos a share. On Thursday afternoon, shares were up 4.22% at 158.00 pesos after closing at 151.60 pesos on Wednesday - a low not seen since August last year.
"This decision has been adopted based on the current domestic and international macroeconomic context and the fluctuations in the capital market in general, which has materially impacted the price of domestic shares, including the quotation of the shares of the Bank," Banco Macro said in a statement. "In addition, the Board of Directors has taken into consideration the financial strength of the Bank and its liquidity."
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