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Because of a volatile market environment, Banco Macro (NYSE: BMA), one of Argentina's largest banks, announced on December 18 that it extended the timeframe for repurchases of the company's shares to December 31. In a statement to the Argentine Securities Commission [CNV], the bank announced the extension of its repurchase plan, which has a maximum limit of 102 mln shares, or a total amount of AR$495 mln (US$145 mln).

To date, the company has repurchased 74.5 mln shares, which equals 10.89% of the company's 684 mln total shares.

Banco Macro's ADR traded down 2.26% on the day, closing the session at US$10.8 per ADR, which reflects a YTD performance of -56.35% and a P/E of 3.91.

For the quarter ended September 30, 2008, the company reported a Net Income of AR$163 mln (US$47.8 mln).

Banco Macro's latest interim statements can be found in our download section.

Source: Due to Volatile Market, Banco Macro Extends Timeline of Repurchase Plan