Banco Macro Sets 160 Billion Peso Budget to Buy Back Up to 20 Million Shares
Key Facts
Banco Macro’s board set the terms of a share buyback program with an investment ceiling of 160 billion Argentine pesos, according to a disclosure filed by the bank on October 28, 2026. The program covers the purchase of up to 20 million Class B ordinary shares, within a limit equivalent to 10% of capital, according to the disclosure submitted to the U.S. Securities and Exchange Commission. The bank set a maximum purchase price of 10,700 pesos per share. It said the purpose is to protect the value of shareholders’ investment and limit share price volatility. The announcement does not mean the bank has already bought shares; it sets the terms and limits for the buyback program.
The bank attributed the program to a decline it said does not adequately reflect the fair value of its assets or its economic potential, and said protecting the value of shareholders’ investment and reducing share volatility are among its aims. It said the domestic and international macroeconomic context and capital market volatility had materially affected local share prices. The board also took the bank’s financial strength and liquidity into account in making the decision, the bank said. In the disclosure’s wording, the bank said one aim of the program is "to protect the value of shareholders’ investment." The announcement does not describe capital structure management or promise that the buyback will reverse the share’s course.
The shares covered comprise a maximum of 20 million Class B shares, each with a par value of one Argentine peso, and each carrying one vote. The disclosure said this number is within the limit of 10% of the bank’s capital. The spending ceiling of 160 billion pesos and maximum price of 10,700 pesos per share set financial and execution limits for the announced program. The quantities executed remain subject to purchase decisions within those limits. The bank did not disclose how many shares it had already bought.
The purchase window lasts 45 calendar days, starting the day after the relevant information is published in the Buenos Aires Stock Exchange bulletin. The period may be extended or renewed with public notice, under the program’s terms. Purchases on any one day may not exceed 25% of the average daily trading volume of the shares over the 90 business days preceding the buyback. The bank said it will calculate aggregate trading volume across the domestic and international markets in which it operates. These restrictions set a daily execution ceiling alongside the overall spending and share limits.
The new program follows an earlier program announced by the bank in October 2025, which allowed for the purchase of up to 30 million Class B shares. The previous program set a maximum price of 7,500 pesos per share and a term of 60 calendar days. By comparison, the new program’s share ceiling is lower than the previous limit, while the announced maximum price per share rises from 7,500 to 10,700 pesos. The new initial period is also shorter at 45 days, with the option to extend or renew it and notify the public. The comparison shows differences in the announced limits between the two programs, without establishing the actual execution volume of either.
In trading before the announcement, BMA closed at $64.33 on October 21, 2026, then at $62.95 on October 22 and $66.04 on October 23. It closed at $61.88 on October 26, before ending the October 27 session at $61.74. These are consecutive closes in the sessions before the October 28 disclosure. The closing data cited do not include session highs or lows, so the figures do not define the daily trading range. Nor do they in themselves provide evidence of the share’s movement after the announcement.
Attention after the announcement turns to execution of the program within the period and limits set by the bank, and to its next scheduled financial disclosure. Banco Macro listed the release of its third-quarter 2026 results in English for November 25, 2026. That date is about four weeks after the buyback announcement. The calendar does not say the results will include an update on the program or details of completed purchases. The purchase period remains calculated from the day after the relevant information is published in the Buenos Aires Stock Exchange bulletin, with the option to extend or renew it following public notice.