National Bank of Canada's board authorized a new normal course issuer bid to purchase for cancellation up to 6 million of its common shares.

The shares represent about 1.8% of the Montreal-based bank's 335,191,028 outstanding common shares as of May 27.

The normal course issuer bid, which is pending the approval of the Office of the Superintendent of Financial Institutions Canada and the Toronto Stock Exchange, is expected to start on or around June 10 and will end at the latest on or around June 9, 2020.

Under the current normal course issuer bid, from June 6, 2018, to June 5, the bank has bought 6,547,200 common shares on a possibility of 8 million at an average price of C$61.88.