National Bank of Canada announces a buyback program of up to 5 per cent of its common shares
National Bank of Canada today announced its intention to make a normal course issuer bid to buy back up to 5% of its issued and outstanding common shares. The notice of intention has been filed with, and approved by, the Toronto Stock Exchange.
The notice provides that the Bank may, for a period not exceeding 12 months from February 1, 2007 to January 31, 2008, purchase up to 8,102,000 common shares. The purchases will be made through the facilities of the Toronto Stock Exchange. The Bank will pay the market price for the 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 162,553,220 common shares of the Bank issued and outstanding as at January 25, 2007. Under its previous normal course issuer bid, the Bank purchased and cancelled 4,000,920 common shares, at an average price of $61.56 per common share.
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 $116 billion in assets and, together with its subsidiaries, employs 16,972 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
Tel.: (514) 394-8644