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STXNEWS LATAM-Santander Brasil resumes unit buyback program-filing
Brazil's Banco Santander Brasil resumed a program to buy back up to 57 million units, or about 1.5 percent of its capital base, the company said in a regulary filling on Friday.
The plan will include 3.13 billion common shares and 2.85 billion preferential shares or American Depositary Receipts (ADRs), the bank said in the statement.
The Sao Paulo-based bank, which is the local subsidiary of Spain's Banco Santander, said the plan aims to "maximize the generation of shareholder value through efficient management of capital structure."
The bank added that the operation will help pay for administration and senior employees.
Units are locally traded shares comprised of preferred and common stock.
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