National Bank of Canada today announced its intention to make a normal course issuer bid to buy back up to 5% of its issued and outstanding common shares.

The notice of intention has been filed with, and approved by, the Toronto Stock Exchange.

According to the terms of the issuer bid, the bank may purchase up to 9,100,000 common shares over the next 12 months.

There were 183,463,975 common shares of the Bank issued and outstanding as at January 6, 2003. During the last 12 months, the bank has purchased and cancelled 9,500,000 of its common shares under its previous normal course issuer bid.

According to the bank, the normal course issuer bid represents a proper use of the bank’s surplus funds and is being established to enhance shareholder value.