The Bank of Nova Scotia (BNS) is increasing its stock buyback program by 50%.
The Toronto-based financial institution said in a news release that the Office of the Superintendent of Financial Institutions (OSFI) has approved its plan to now repurchase 36 million common shares, up from 24 million shares that it had originally planned to repurchase when it first announced the buyback program last November.
Scotiabank, like other Canadian lenders, was quick to announce plans to repurchase its shares after OSFI ended its pandemic-era ban on buybacks and dividend increases on November 4 of last year.
Scotiabank said that it has, so far, repurchased 20.2 million shares under the current buyback program.
