Banco Macro SA said its board approved a new share repurchase program authorizing the bank to invest up to 900.0 million Argentine pesos in buybacks.
A maximum of 1% of the bank's total capital stock can be repurchased under the new program at a price of up to 158.00 pesos per share, according to a filing. The program will run through Jan. 10, 2019, subject to further extension.
"This decision has been adopted based on the current domestic and international macroeconomic context and the fluctuations in the capital market in general, which has materially impacted the price of domestic shares, including the quotation of the shares of the bank," the Argentine lender said.
Banco Macro has repurchased millions of shares in recent months under multiple previous buyback programs. A program allowing for the buyback of up to 1.89 billion pesos worth of shares expired in November.
As of Dec. 20, US$1 was equivalent to 38.10 Argentine pesos.