National Bank of Canada to Redeem its First Preferred Shares Series 32
Canada NewsWire
MONTREAL, Dec. 18, 2024
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
MONTREAL, Dec. 18, 2024 /CNW/ - National Bank of Canada (the "Bank") today announced its intention to redeem all of its 12,000,000 issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 32 (the "Series 32 Shares") on February 15, 2025, for cash at a redemption price of $25.00 per share, together with all declared and unpaid dividends.
The quarterly dividend of $0.2399375 per Series 32 Share declared on December 3, 2024 is the final dividend on the Series 32 Shares, and is payable in the usual manner on February 15, 2025 to shareholders of record on January 6, 2025, as previously announced.
Since February 15, 2025, is not a business day, amounts due to holders of the Series 32 Shares on that date will be paid on the first business day following that date, namely, Monday, February 17, 2025.
The redemption has been approved by the Office of the Superintendent of Financial Institutions. Formal notice will be given to holders of the Series 32 Shares in accordance with the terms of the Series 32 Shares.
The redemption of the Series 32 Shares is part of the Bank's ongoing management of its regulatory capital.
Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of National Bank, including obtaining the regulatory approval required to complete the proposed redemption. Except as required by law, National Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purposes.
About National Bank of Canada
With $462 billion in assets as at October 31, 2024, National Bank of Canada is one of Canada's six systemically important banks. The Bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media.
SOURCE National Bank of Canada
View original content: http://www.newswire.ca/en/releases/archive/December2024/18/c7924.html
/CONTACT:
Information: Alexandre Guay, Chief Advisor, Public Affairs, National Bank of Canada, Tel.: 514-412-5125, alexandre.guay@nbc.ca
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December 18, 2024 17:00 ET (22:00 GMT)
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