STXNEWS LATAM-ABC Brasil to buy back up to 10 pct of outstanding stock-filing

Mon Nov 12, 2012 8:27am EST

The board of Banco ABC Brasil SA, the Brazilian subsidiary of Arab Banking Corp., authorized on Monday a plan to buy back as many as 3.411 million preferred shares, or up to 10 percent of the bank's outstanding stock, within the next year. ABC Brasil said in a regulatory filing that the repurchase aims to "maximize value creation for our shareholders and make feasible a compensation plan to remunerate management."

ABC Brasil hired the brokerage arms of Banco Votorantim SA , Ita├║ Unibanco Holding SA and BTG Pactual Group to manage the transaction, according to the filing.