National Bank of Canada Approved for $2.25 Billion Share Buyback
National Bank of Canada has received approval from the Toronto Stock Exchange (TSX) and the Office of the Superintendent of Financial Institutions to launch a normal course issuer bid. The bank is authorized to repurchase up to 10 million of its common shares, or approximately 2.6% of its outstanding shares, for a maximum of $2.25 billion. This share buyback program will be effective from October 8, 2026, and will run for up to one year, ending on October 7, 2027.
The bank will execute the purchases through the TSX or alternative trading systems in Canada, paying the market price at the time of acquisition. Purchases may also occur through private agreements at a discount to the prevailing market price. National Bank Financial Inc. has been appointed as the designated broker to facilitate these repurchases, with the acquired shares set for cancellation.
Under TSX rules, the bank can repurchase up to 331,793 shares per trading day, which is 25% of its average daily trading volume over the past six months. In its previous normal course issuer bid, which concluded on September 24, 2026, the bank repurchased 12.8 million shares for approximately $2.4 billion, exceeding the initial target of 14.5 million shares.
The bank cautioned that the forward-looking statements regarding the bid are subject to uncertainty and risks, including economic conditions, regulatory changes, and market volatility. The actual number of shares repurchased and the timing of purchases will depend on future market conditions.