/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