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Bank of Montreal secures approvals to raise share buyback

The Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions Canada approved the increase in Bank of Montreal's normal course issuer bid to 22 million from 15 million common shares.

The shares to be repurchased represent about 3.4% of the Toronto-based bank's outstanding common shares as of April 17, 2017.

To date, Bank of Montreal completed the purchase of 8 million common shares for cancellation since the start of the normal course issuer bid.

The bid will continue until April 30 or until all the shares under the amended share buyback plan are purchased.