The bank caps the program at 61 million shares and aims to finish buying by July 2027
TD Bank Group intends to repurchase up to $10bn of its common shares, capped at 61 million shares, under a new buyback program announced on Wednesday and subject to approval by the Office of the Superintendent of Financial Institutions Canada.
The bank intends to complete the New Buyback by July 2027, its release states.
TD completed the repurchase of $7bn of its common shares on September 25, covering 47.2 million shares, under its existing Toronto Stock Exchange normal course issuer bid.
That bid commenced on January 20 and may remain in effect until its scheduled expiry on January 15, 2027.
The New Buyback will begin under the existing NCIB.
TD then intends to launch a new TSX NCIB, subject to TSX approval, and may also repurchase its common shares on the New York Stock Exchange or other designated exchanges and published markets in Canada and the US.
Up to 3.74 percent of the bank's 1,633,130,726 common shares issued and outstanding as at August 31 falls within the program.
Purchases will be made at the market price at the time of acquisition, or such other price as the TSX permits, and all purchased common shares will be cancelled.
As of July 31, the bank's Common Equity Tier 1, Tier 1, Total Capital and Leverage ratios were 14.26 percent, 16.12 percent, 17.90 percent and 4.55 percent, respectively.
Bank of Montreal announced on September 2 that it received TSX and OSFI approvals to purchase for cancellation up to 25 million common shares.
The purchases, which represent approximately 3.6 percent of its public float and of its issued and outstanding common shares as at August 31, begin September 8 and end no later than September 7, 2027.
BMO repurchased 23,667,500 common shares under its prior bid at a volume weighted average price of approximately $197.76, as at August 31.
Royal Bank of Canada said the TSX and OSFI had approved its normal course issuer bid to purchase for cancellation up to 45 million common shares, with purchases permitted from June 12, 2026 until the bid expires on June 11, 2027.
As of the close on May 29, RBC had repurchased 19,168,210 shares under its previous 35 million share bid at a volume weighted average price of approximately $215.85.
Scotiabank announced on April 2 that OSFI and the TSX had approved a bid to repurchase for cancellation up to 15 million common shares, with purchases commencing April 7, 2026 and terminating no later than April 6, 2027.
During the nine months ended July 31, the bank repurchased and cancelled approximately 19.9 million common shares at an average price of $107.42 for a total of $2,182m including tax, according to its third quarter report.
CIBC announced on June 4 that the TSX had accepted notice of its intention to commence a bid, to be completed on the earlier of CIBC purchasing 30 million common shares, providing a notice of termination, or June 7, 2027.
The bank's previous bid for up to 20 million common shares commenced on September 10, 2025 and was completed on May 25, with 20 million shares repurchased at an average price of $129.68 for a total of $2,593m.
