MONTREAL, Nov. 30, 2022 /CNW Telbec/ - National Bank of Canada (the "Bank") (TSX: NA) today 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 2.1% of its 336,736,305 issued and outstanding common shares as at November 28, 2022. 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, 2022 and will end at the latest on or around December 11, 2023. The actual number of common shares to be purchased, and the timing of any such purchases, will be determined by the Bank. The Bank will only make purchases under the normal course issuer bid once all regulatory approvals are obtained, and the common shares acquired will be cancelled.
The 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 and generate value for shareholders.
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 $404 billion in assets as at October 31, 2022, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has more than 29,000 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 such as Facebook, LinkedIn and Twitter.
SOURCE National Bank of Canada
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/30/c7775.html