Scotiabank Increases Share Buyback Cap to 40 Million Shares
ScotiaBank has increased its normal course issuer bid (NCIB) from 15 million shares to 40 million, representing approximately 3.25% of outstanding shares. The move was approved by the Toronto Stock Exchange and Canada’s Office of the Superintendent of Financial Institutions (OSFI), with the updated buyback program effective as of October 6. As of August 31, ScotiaBank had already repurchased 13.04 million shares under its previous NCIB. The expanded share repurchase plan signals confidence in the bank’s financial position and may be seen by investors as a positive move to enhance shareholder value through reduced supply of outstanding shares.
Tickers: $BNS
Topics: buyback capital return corporate action