Banco Macro SA said it invested nearly 100 million Argentine pesos to buy back more common shares under a new repurchase program.

The Buenos Aires-based bank bought back 711,386 class B common shares at an average weighted price of 138.255 pesos apiece for a total amount of about 98.4 million pesos, according to a filing.

The buybacks are part of a recently approved program that allows the company to repurchase up to 1% of its total capital stock at a maximum price of 158.00 pesos per share. The program is set to run through Jan. 10, 2019, subject to further extension.

A previous buyback program through which Banco Macro repurchased millions of shares expired in November.

As of Dec. 26, US$1 was equivalent to 38.46 Argentine pesos.