SAO PAULO, Feb 15 (Reuters) - The board of Brazilian investment bank BTG Pactual has approved a buyback of up to 19.1 million units, it said in a filing on Monday. The announcement followed the cancellation of 19.9 million units purchased under an existing buyback scheme. (Writing by Daniel Flynn; Editing by Greg Mahlich)
BTG Pactual's board has approved a buyback plan of up to 19.1m units; this move follows the cancellation of 19.9m units purchased under an existing buyback scheme. The company said it would use its cash reserves and other capital resources to fund the repurchase program in order to reduce net debt by €2.2bn over three years. Sources say this is due to a slump in assets under management, a problem that was deepened by the arrest of its CEO, chairman and founder, Andre Esteves last November.