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British banks stop dividends as coronavirus downturn looms

 


LONDON Barclays, the Royal Bank of Scotland and the British arm of Spain Santander, announced on Tuesday that they would suspend payment of dividends, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus.

Barclays and RBS have declared that they will not pay any 2020 dividends and have also canceled payments planned for 2019 in response to a request from the Prudential Regulatory Authority.

“The bank has a solid capital base, but we believe it is fair and prudent for the many businesses and people we support to take these steps now,” said Barclays president Nigel Higgins.

More major British lenders are expected to follow suit Tuesday evening following demand from the regulator.

Banks pay dividends as a means of rewarding shareholders and disposing of excess profits, but they can keep the profits instead of preserving their capital level.

British lenders’ statements come after the European Central Bank (ECB) last week asked lenders in the eurozone not to pay dividends and buy stocks until October at the earliest, and to use their profits to support the economy.

Several of the largest European lenders, including UniCredit and Société Générale, have already announced that they will for the time being suspend the payment of dividends in 2019.

However, there are delays. Swiss banking giants UBS and Credit Suisse have both said they are still planning to move forward with the 2019 dividends despite the fact that their national regulator is cautious about payments.

(Report by Lawrence White and Iain Withers, edited by Rachel Armstrong)

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