Financeira AlfaSA – Crédito Financiamento e Investimentos said its board approved ashare buyback program worth up to 4.1 million Brazilian reais.

The program, which aims to cancel up to 300,000 common sharesand 900,000 preferred shares, without capital reduction, will run up to 18 monthsstarting June 15 and may be canceled any time by the board, the bank said in a June22 filing.

As of June 22, US$1 wasequivalent to 3.40 Brazilian reais.