MONTREAL, March 17, 2021 /CNW Telbec/ - National Bank
of Canada ("National Bank")
today announced its intention, subject to approval from the Office
of the Superintendent of Financial Institutions, to redeem all of
its 16,000,000 issued and outstanding Non-Cumulative 5-Year Rate
Reset First Preferred Shares Series 34 (Non-Viability Contingent
Capital (NVCC)) (the "Preferred Shares Series 34") on
May 15, 2021, for cash at a
redemption price of $25.00 per share,
together with all declared and unpaid dividends.
The quarterly dividend of $0.35
per Preferred Share Series 34 declared on February 24, 2021 is the final dividend on the
Preferred Shares Series 34, and is payable in the usual manner on
May 15, 2021 to shareholders of
record on April 5, 2021, as
previously announced.
Since May 15, 2021 is not a
business day, amounts due to holders of Preferred Shares 34 on that
date will be paid on the first business day following that date,
namely, Monday, May 17, 2021.
Formal notice will be given to holders of Preferred Shares
Series 34 in accordance with the terms of the shares.
The redemption of the Preferred Shares Series 34 is part of
National 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 $344 billion in assets as at January 31, 2021, National Bank of Canada, together with its subsidiaries, forms
one of Canada's leading integrated
financial groups. National Bank has more than 26,000 employees in
knowledge-intensive positions and has been recognized numerous
times as a top employer and for its commitment to diversity. Its
securities are listed on the Toronto Stock Exchange (TSX: NA).
Follow National Bank's activities at nbc.ca or via social
media such as Facebook, LinkedIn and Twitter.
SOURCE National Bank of Canada