MONTREAL, April 15, 2015 /CNW Telbec/ - National Bank of Canada (the "Bank") (NA) today announced that its Board has authorized a normal course issuer bid to purchase for cancellation up to 6,000,000 of its issued and outstanding common shares. This normal course issuer bid is subject to the approval of the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange (TSX). It is expected that this normal course issuer bid will begin on or about May 11, 2015 and will end at the latest on or about May 10, 2016. The purchases will be made through the facilities of the TSX and will be made in accordance with applicable regulatory requirements. The Bank will pay the market price for the common shares at the time of acquisition. The actual number of common shares which may be purchased, and the timing of any such purchases, will be determined by the Bank. The common shares acquired pursuant to the normal course issuer bid will be cancelled.
There were 329,379,369 common shares of the Bank issued and outstanding as at March 31, 2015. Under the normal course issuer bid which ended on June 19, 2014, the Bank did not purchase any common shares.
The Bank believes that the normal course issuer bid represents a proper utilization of the Bank's available funds as part of the Bank's capital management strategy.
About National Bank of Canada
With $214 billion in assets as at January 31, 2015, National Bank of Canada (www.nbc.ca), together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has more than 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities via social media and learn more about its extensive community involvement at clearfacts.ca and commitment.nationalbank.ca.
SOURCE National Bank of Canada
For further information: (The telephone numbers provided below are for the exclusive use of journalists, other media representatives and shareholders.): Claude Breton, Vice-President, Public Affairs and Investor Relations, National Bank of Canada, Tel. : 514-394-8644; Hélène Baril, Senior Manager, Investor Relations, National Bank of Canada, Tel. : 514-394-0296