BankAmerica Corp. announced Monday that it would increase its share buyback program by 60%, to $3 billion.

The bank's stock has surged 15% since late January, partially in anticipation of a broader buyback program, which is a return of capital to shareholders. The new program authorizes the repurchase of up to $2 billion of common shares and $1 billion of preferred stock by the end of 1997.

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