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February 18, 2008 |
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UNIAO DE BANCOS: Board Approves New Stock Repurchase Program Unibanco - Uniao de Bancos Brasileiros S.A.'s and Unibanco Holdings S/A's Board of Directors approved the acquisition, by Unibanco, of preferred shares issued by Unibanco, as well as preferred shares issued by Unibanco Holdings. Such approvals are in accordance with their By-Laws and the applicable legal provisions. The shares to be acquired will be kept as treasury stock, for further sale or cancellation, without share capital reduction of Unibanco or Unibanco Holdings, remaining at the discretion of Unibanco's Board of Officers the decision as to the timing and volume of the acquisitions. By meanings of the terms of the article 8th of the CVM Normative Ruling N. 10/80, it is clarified that: (i) Such acquisition of shares has, as its purpose, the application of the resources available from Unibanco´s balance of profits and reserves, except the legal reserve. Unibanco and Unibanco Holdings believe that the stock repurchase plan is in the best interest of both Unibanco's and Unibanco Holdings' shareholders; (ii) The amount of shares to be acquired must not exceed 20,000,000 preferred shares issued by Unibanco and 20,000,000 preferred shares issued by Unibanco Holdings; (iii) The authorization will be valid for 12 months to be counted from February 15, 2008; and (iv) The acquisition of the shares will be carried out at fair market value and through the broker Unibanco Investshop Corretora de Valores Mobiliarios S.A., located in the city of Sao Paulo, State of Sao Paulo, at Eusebio Matoso Avenue n.º 891, or another broker to be determined by Unibanco's Board of Officers. The acquisition of preferred shares issued by Unibanco and Unibanco Holdings must be made solely through the acquisition of Share Certificates (UNITS), traded in the Brazilian Market. Thus, Unibanco is authorized to acquire up to 20,000,000 UNITS. On Feb. 12, 2008, there are 1,123,463,276 outstanding preferred shares issued by Unibanco, as well as 1,069,078,990 outstanding preferred shares issued by Unibanco Holdings. Based on the authorization obtained on August 8, 2007, 8,765,400 Units have been acquired. Currently, there are 17,346,328 preferred shares issued by Unibanco and 20,772,793 preferred shares issued by Unibanco Holdings as treasury stocks. About Unibanco Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros SA -- http://www.unibanco.com/ -- is a full-service financial institution providing a range of financial products and services to a diversified individual and corporate customer base throughout Brazil. The company's businesses comprise segments: Retail, Wholesale, Insurance and Pension Plans and Wealth Management. Uniao de Bancos and its associated companies FinInvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas) offer a network composed of 17,000 points of service. It also counts on 7,580 automated teller machines and all 30 Hours' products and services, including the telephone service and the Internet banking. The company's international network consists of branches in Nassau and the Cayman Islands; representatives offices in New York; banking subsidiaries in Luxembourg, the Cayman Islands and Paraguay; and a brokerage firm in New York -- Unibanco Securities Inc. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 12, 2007, Fitch changed the outlook of Unibanco-Uniao de Bancos Brasileiros SA's 'BB+' Foreign currency IDR and 'BB+' Local currency IDR to Positive from Stable. |
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