TD Bank Group is planning a normal course issuer bid, under which it will repurchase for cancellation up to 20 million of its common shares.

The 20 million shares represent about 1.1% of the common shares currently issued and outstanding.

The plan is subject to the approval of Canada's Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange. TD will file a notice of intention with the Toronto Stock Exchange in this regard.

TD may start purchases under the bid, continuing for up to one year, after the Toronto Stock Exchange has accepted the notice of intention.

Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group.