Brazilian bank BTG Pactual announces $177 mln share buyback program

Credit: REUTERS/AMANDA PEROBELLI

SAO PAULO, Jan 11 (Reuters) - Brazilian investment bank BTG Pactual BPAC11.SA announced on Tuesday a new share buyback program, under which it expects to repurchase up to 1 billion reais ($176.58 million) in stocks within 18 months.

BTG Pactual said in a securities filing it aims to use its cash in an efficient way with the buyback plan, looking to "maximize the company's capital allocation". The repurchased units will be kept in treasury, it added.

($1 = 5.6633 reais)

(Reporting by Gabriel Araujo, Editing by Louise Heavens)

((Gabriel.Araujo2@thomsonreuters.com; +55 11 5644 7745;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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