Banco Macro S.A. Buyback
OLI recorded this information on 12/20/2018
Company:
Banco Macro S.A.
Buyback:
BMA buyback
$Amount Authorized:
$900,000,000
Buyback Details:
Banco Macro S.A. (NYSE: BMA; Buenos Aires Stock Exchange: BMA) ("Banco Macro") informs the market that the Board of Directors of the Bank has decided to establish the terms and conditions for the repurchase of shares issued by the Bank, in accordance with Article 64 of Law No. 26,831 and the Rules of the CNV. This decision has been adopted based on the current domestic and international macroeconomic context and the fluctuations in the capital market in general, which has materially impacted the price of domestic shares, including the quotation of the shares of the Bank. In addition, the Board of Directors has taken into consideration the financial strength of the Bank and its liquidity. Therefore, and in line with Board of Directors' commitment to the Bank and its shareholders, to help reduce the quotation fluctuations, minimizing any possible temporary imbalances between supply and demand within the market, and due to the excessive cost of capital resulting from the current quotation prices, the Board of Directors has decided to establish the following terms and conditions for the acquisition of shares issued by the Bank: 1. Maximum amount of the investment: Up to Ps$. 900,000,000, 2. Maximum number of shares to be acquired: Up to 1% of the Bank's total capital stock, in compliance with applicable Argentine laws and regulations. 3. Maximum payable price: Up to Ps$. 158.00 per share. 4. Term for the acquisition: Until January 10th, 2019, subject to any further renewal or extension, which shall be duly informed to the public.
Banco Macro is a bank in Argentina. Co. provides standard banking products and services to a nationwide customer base. Co. has two categories of customers: retail customers and corporate customers. Co. provides personal loans, document discounts, residential mortgages, overdrafts, pledged loans and credit card loans to its retail customers. Co. also provides payroll services for the governments of the Argentine provinces of Misiones, Salta, Jujuy and Tucuman and to the private sector of retail clients. Also, Co. provides short-term and medium- to long-term corporate lending products as well as transaction services to its corporate customers, such as cash management and collection services.
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Avg. Broker Rec.
 
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Sell (1.00 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
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