Bradesco Board Oks 15m Share Buyback

Board members of Banco Bradesco agreed on a plan to buy back 15m of the bank’s common and preferred shares. The plan involves buying 7.5m ordinary shares and a similar amount in preferred shares, the bank says. Based on Friday Dec 23 prices for each type of share, the transaction would be worth an estimated BRL424.9m ($228.5m). The bank’s six-month buyback program will expire on June 23, 2012. Officials at the bank could not immediately be reached for additional comment. Bradesco has 502.7m ordinary shares and 1.84bn preferred shares, according to bank data.