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Itaú to repurchase up to nearly 32 million common shares


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Itaú to repurchase up to nearly 32 million common shares

Itaú Unibanco Holding SA said it has agreed to participate in an auction to repurchase up to 31,793,134 of its common shares being sold by Fundação Antônio e Helena Zerrenner – Instituição Nacional de Beneficência.

Itaú will buy the shares back at a maximum price of 37.0 Brazilian reais each. If the bank repurchases all of the shares being sold, the total maximum price will reach about 1.18 billion reais.

The shares will be acquired under a buyback program that was approved in August, the bank said.

Additionally, Itaú Unibanco Chairman Pedro Moreira Salles and other members of the Moreira Salles family that comprise the bank's controlling group have also decided to participate "in another possible auction" of the bank's common shares, the lender said.

As of Dec. 13, US$1 was equivalent to 3.30 Brazilian reais.