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Garanti Bankasi jumps after launching share buyback programme

By Reuters News

** Shares in Garanti Bankasi GARAN.IS rise almost 4% after the lender announced a share buyback programme covering up to 85 million shares and an allocated fund of up to 11 billion lira ($219.94 million)

** Brokerage Deniz Yatirim notes the buyback is a positive step that could support the stock in difficult market conditions despite its relatively low free float among private-sector banks it covers

** It adds that the launch of the bank's first-ever buyback programme signals management believes the current market valuation does not adequately reflect the bank's performance

** The planned cancellation of repurchased shares could also boost EPS, Deniz Yatirim says

($1 = 50.0136 liras)

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