National Bank of Canada announces its intention to amend its normal course issuer bid

Executive Summary

• National Bank of Canada’s Board approved an amendment to increase the maximum shares purchasable under its normal course issuer bid from 8 million to up to 14.5 million common shares (3.70% of outstanding shares).
• The amendment is pending regulatory approval and is expected to become effective around March 12, 2026; the program will still expire on September 24, 2026.
• All repurchased shares will be cancelled, providing the Bank with additional flexibility in managing its capital structure.

Key Details

• Current NCIB capacity: 8,000,000 common shares (≈2.04% of 392,169,565 shares outstanding as of September 11, 2025).
• Proposed NCIB capacity after amendment: Up to 14,500,000 common shares (3.70% of the same share count).
• Effective date: Anticipated on or about March 12, 2026, subject to approval by OSFI and the Toronto Stock Exchange.
• Expiration: Program continues to expire on September 24, 2026, as previously announced.
• Purchase method: Shares will be bought on the TSX and/or other Canadian alternative trading systems at prevailing market prices, in compliance with applicable regulations.
• Use of proceeds: Not applicable – shares repurchased are cancelled; amendment solely expands repurchase capacity.
• Regulatory approvals required: Office of the Superintendent of Financial Institutions (OSFI) and Toronto Stock Exchange (TSX).

Notable Quotes

(No direct quotes were provided in the release.)