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Banco Macro to absorb Banco del Tucumán, continue with share buybacks

Banco Macro SA said it is resuming share buybacks under newly established terms after repurchasing 21,463,005 shares under a previous program for a total amount of about 3.11 billion Argentine pesos.

The previous program, which was established in August amid general market turbulence in Argentina, authorized the bank to spend up to 5.00 billion pesos to repurchase up to 5% of its total capital stock.

The new terms for the continued buybacks allow for a maximum investment of up to about 1.89 billion pesos for the repurchase of up to 12,020,146 shares at a maximum price of 158.00 pesos apiece, the bank said.

The new buyback program will last until Nov. 2, subject to further extensions.

Separately, Banco Macro said it is launching a corporate restructuring process that will lead to the merger by absorption of Banco del Tucumán SA, with the subsequent winding-up of Banco del Tucumán being effective as of Jan. 1, 2019.

Banco Macro currently holds 99.95% of the capital stock and votes of Banco del Tucumán. The Argentine province of Tucumán transferred its 10% stake in Banco del Tucumán to Banco Macro in August.

As of Oct. 17, US$1 was equivalent to 36.40 Argentine pesos.