Brazil's Cielo to buy back shares
The board of Brazilian card processor Cielo approved a share buyback program equivalent to 24mn reais (US$6.48mn).
Cielo, which is the country's biggest card processor and controlled by Banco Bradesco and state-owned Banco do Brasil, said it would buy back up to 2.17mn common shares under the program.
The program will run through August 10 and Cielo's top executives will be eligible to acquire shares as part of an incentive and retention drive amid growing competition in Brazil's card industry.
Besides competition from traditional card rivals Rede, linked to Itaú Unibanco, and GetNet, controlled by Santander Brasil, the recent years have seen the emergence of new contenders, including PagSeguro and Stone Pagamentos.
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