National Bank of Canada announces a buyback program of up to 3% per cent of its common shares
Montreal, 29 November 2007 -
National Bank of Canada today announced that its board of directors has authorized a normal course issuer bid to buy back up to 3% of its issued and outstanding common shares, representing approximately 4,700,000 common shares. This normal course issuer bid is subject to the approval of the Superintendent of Financial Institutions and the Toronto Stock Exchange (the “TSX”).
It is expected that the normal course issuer bid will begin on or about February 1, 2008 and will end at the latest on or about January 31, 2009. The purchases will be made through the facilities of the TSX. 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. Purchases will be made in accordance with applicable regulatory requirements. The common shares acquired pursuant to the normal course issuer bid will be cancelled.
There were 157,918,242 common shares of the Bank issued and outstanding as at November 19, 2007. Under its current normal course issuer bid which is expected to end on or before January 31, 2008, the Bank has purchased and cancelled 4,289,600 common shares, at an average price of $62.80 per common share as of November 19, 2007.
The normal course issuer bid program represents a proper utilization of the Bank’s available funds and is being established to enhance shareholder value.
About National Bank of Canada
National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. The National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has more than $113 billion in assets and, together with its subsidiaries, employs 16,683 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at www.nbc.ca.
Information (The telephone number provided below is for the exclusive use of journalists and other media representatives):
Director – Public Relations
National Bank of Canada