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BTG Pactual cancels more repurchased shares, looks for further buybacks

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BTG Pactual cancels more repurchased shares, looks for further buybacks

BTG PactualGroup's board approved the cancellation of previously repurchasedshares equating to more than 18.8 million units, while authorizing the bank tobuy back up to 15 million more units.

The company said July 14 that its board approved thecancellation of 18,820,908 common shares and 37,641,816 preferred shares issuedby Banco BTG PactualSA, as well as 18,820,908 class A preferred shares and 37,641,816class B preferred shares of BTG Pactual Participations Ltd. Together,the shares correspond to 18,820,908 BBTG11 units that the company had alreadyrepurchased as part of a buyback program launched in November 2015.

In conjunction with the cancellation, the board alsoauthorized the bank to repurchase up to 15 million more BBTG11 units.

The move follows similar repurchases and cancellations byBTG Pactual following the arrest of former CEO André Esteves in November 2015.Shortly after Esteves' arrest, BTG Pactual had sought to repurchase up to 41%of its outstanding units, well above the 10% limit. However, Brazil's CVMrejected the request,citing the potential for a significant reduction in the bank's free float.

Since then, BTG Pactual has been repurchasing and cancelingshares on a piecemeal basis to remain under the 10% buyback threshold. InDecember 2015, the company canceled shares corresponding to 19,900,812 BBTG11units; in February,it canceled another 19,925,230 units.