Itaú Unibanco Holding SA said its board approved a program to repurchase up to 10.0 million common shares and 50.0 million preferred shares.
The buyback program represents approximately 3.15% of the bank's free floating common shares and about 1.56% of its free floating preferred shares as of April 30. The program will run from May 26, 2017, to Nov. 26, 2018, according to a May 25 press release.
A potential repurchase of all the shares under this program will not have a material accounting impact on Itaú's results, the company noted, adding that it bought back 38,087,900 preferred shares during the period from Feb. 3, 2016, to April 30, 2017.
Earlier in May, the bank said it repurchased 7,461,800 preferred shares during April for about 284.2 million Brazilian reais, or an average price of 38.08 reais per share, under a separate buyback program.
As of May 25, US$1 was equivalent to 3.28 Brazilian reais.