Lenders like UniCredit and ING will follow regulators’ advice and halt payouts. That could add $30 bln to euro zone bank capital, supporting 10 times that sum in lending to virus-hit firms. LiamWardProud writes:
UBS said on March 30 its board was still proposing to pay a dividend of $0.73 per share for the 2019 financial year, even as European peers cancelled payouts under regulatory pressure.
ING, UniCredit and several other euro zone lenders scrapped their payouts after the European Central Bank on March 27 said banks should pause dividend payments and share buybacks until October at the earliest. The extra capital could be used to “absorb losses and support lending to households, small businesses and corporates during the coronavirus pandemic”, it said.
UBS’s regulator, the Swiss Financial Market Supervisory Authority, on March 25 said that bank boards should “consider carefully the level of upcoming dividend distributions”. “Strong institutions who act voluntarily now to restrict distributions will remain stronger for longer, in the interests of all their clients”, it said.
The Euro STOXX Banks Index was down 7% at 0900 GMT on March 30. Shares in UBS were down 3.8%, while Swiss peer Credit Suisse was down 3%.
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