Banco Alfa de Investimento SA, said its board approved the launch of a share buyback program worth up to 2.8 million Brazilian reais.

Under the program, the lender can acquire up to 330,000 of its common shares and up to 100,000 of its preferred shares at market prices. The bank's board will decide the amount and timing of the repurchases.

The repurchase program starts March 14 and will run for 18 months, ending in September 2020, though it can be canceled at any time at the board's discretion.

As of March 13, US$1 was equivalent to 3.83 Brazilian reais.