National Bank of Canada completes C$750 million NVCC preferred shares offering

On September 22, 2026, National Bank of Canada ("National Bank") closed its previously announced offering of C$750 million non-cumulative 5-year fixed rate reset first preferred shares, Series 52 (non-viability contingent capital (NVCC)). The preferred shares were offered by a group of agents led by National Bank Financial Inc.

The preferred shares were issued to certain institutional investors at a price of C$1,000 per share to raise gross proceeds of C$750,000,000.The preferred shares will pay fixed dividends at a rate of 6.570% annually, payable semi-annually, as and when declared by the Board of Directors of National Bank, for the initial period ending on, but excluding, November 16, 2031. Thereafter, the dividend rate of the preferred shares will reset every 5 years at a rate per annum equal to the prevailing 5-year Government of Canada Yield plus 2.90%.

Net proceeds from the offering will be added to National Bank's general funds and will be utilized for general banking purposes.

Further information can be found on PR Newswire’s website.

National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups, with C$635 billion in assets as at July 31, 2026.