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Grupo Aval chairman gets board approval to buy up to 100 million shares

Grupo Aval Acciones y Valores SA said its board has authorized companies controlled by Chairman Luis Carlos Sarmiento Angulo to acquire up to 100 million common or preferred shares of Grupo Aval.

The shares can be purchased in one or multiple operations over two years, the Colombian banking group said.

The share acquisitions will be subject to market conditions with no speculative purposes.