The Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions Canada approved Bank of Montreal's normal course issuer bid to purchase for cancellation up to 15 million of its common shares.

The 15 million shares represent about 2.3% of the company's public float. The normal course issuer bid will start June 3 and end no later than June 2, 2020.

BMO's previous normal course issuer bid for a maximum of 20 million common shares commenced June 1, 2018, and expires May 31.