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Itaú approves new share buyback program, cancels previous repurchase deal

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Itaú approves new share buyback program, cancels previous repurchase deal

Itaú Unibanco Holding SA on May 30 approved a new share buyback program for the repurchase of up to 15,000,000 common shares and 75,000,000 preferred shares.

The program will be effective May 31, according to the 6-K filing by the bank.

Itaú noted that the amount spent for the repurchase program will not have significant accounting effects on the lender's results.

The bank also terminated the buyback program that it approved Dec. 15, 2017, for the acquisition of 28,616,649 common shares and 50,000,000 preferred shares. Under the previous buyback program, Itaú bought back 14,421,132 common shares and 13,100,000 preferred shares in the period from Dec. 20, 2017, to April 30, 2019.