MONTREAL, Dec. 1, 2023
/CNW/ - National Bank of Canada (the "Bank") (TSX: NA) announced that
its Board of Directors has authorized a normal course issuer bid to
purchase for cancellation up to 7,000,000 of its common shares,
representing approximately 2.07% of its 338,269,824 issued and
outstanding common shares as at November 28,
2023. This normal course issuer bid is subject to the
approval of the Office of the Superintendent of Financial
Institutions Canada and the Toronto Stock Exchange (the "TSX").
It is expected that this normal course issuer bid will begin on
or around December 12, 2023 and will
end at the latest on or around December 11,
2024. The actual number of common shares to be purchased,
and the timing of any such purchases, will be at the Bank's
discretion. The purchases must be made under the normal course
issuer bid once all regulatory approvals are obtained, and the
common shares acquired will be cancelled.
Any purchases will be made through the facilities of the TSX
and/or any alternative trading system in Canada. The Bank will pay the market price for
the common shares at the time of acquisition and the purchases will
be made in accordance with applicable regulatory requirements.
The Bank could periodically establish automatic programs under
which its broker, National Bank Financial Inc., would repurchase
the Bank's shares pursuant to the normal course issuer bid within a
set of criteria predefined by the Bank.
The normal course issuer bid will provide the Bank with
additional flexibility to manage capital.
Caution Regarding Forward-Looking
Statements
Certain statements in this press release
are forward-looking statements. These statements are based on a
number of assumptions and are subject to risk factors, inherent
risks and uncertainties, many of which are beyond the Bank's
control and the impacts of which are difficult to predict. Except
as required by law, National Bank does not undertake to update any
forward-looking statements, whether written or oral, that may be
made from time to time, by it or on its behalf. The forward-looking
information contained in this press release is presented for the
purpose of interpreting the information contained herein and may
not be appropriate for other purposes.
About National Bank of Canada
With $424 billion in assets
as at October 31, 2023, National Bank
of Canada, together with its
subsidiaries, forms one of Canada's leading integrated financial groups.
The Bank has approximately 30,000 employees in
knowledge-intensive positions and has been recognized numerous
times as a top employer and for its commitment to diversity. Its
securities are listed on the Toronto Stock Exchange (TSX: NA).
Follow the Bank's activities at nbc.ca or via social media.
SOURCE National Bank of Canada