05:20 PM EDT, 09/02/2025 (MT Newswires) -- Bank of Montreal ( BNKD ) (BMO.TO, BMO) edged higher in New York after hours trading after saying late Tuesday received approvals from the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions Canada to proceed with its normal course issuer bid.

As previously announced, the bank intends to terminate its existing normal course issuer bid (NCIB) and establish a new NCIB to buy back and cancel up to 30-million shares. The existing bid will end on Sept.4. The new bid will take effect Sept.5 and run for up to 12 months.

As of August 29, the bank purchased 15.95-million shares under the existing bid through purchases on the TSX and alternative trading systems in Canada at an average price of $143.39 per share for a total amount of $2.29 billion.

Tuesday's statement also noted the 30-million shares that may be purchased under the new bid represents approximately 4.2% of the bank's public float of shares.

It said the new bid will continue to provide the bank with "flexibility to manage its capital position".

The bank's shares were last seen up US$0.57 to US$122.25 after hours. They closed up $1.55 to $167.74 on the Toronto Stock Exchange