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National Bank of Canada increases offering size

Due to strong investor demand, National Bank of Canada increased the size of its recently announced offering of noncumulative five-year rate reset first preferred shares series 38 to 16 million shares.

The underwriters, led by National Bank Financial Inc., exercised their option to purchase an additional four million shares. The Montreal-based bank now expects C$400 million in gross proceeds from the offering, which will close on or about June 13.

Net proceeds will be added to the bank's capital base to be used for general corporate purposes.