ZURICH (BLOOMBERG) - Switzerland's two biggest banks proposed pushing back dividend payments as the spreading coronavirus roils markets and upends businesses.. Read more at straitstimes.com.
ZURICH - Switzerland's two biggest banks proposed pushing back dividend payments as the spreading coronavirus roils markets and upends businesses.
The Swiss financial markets regulator Finma has been increasing pressure on the nation's banks to reconsider their dividend proposals, saying that any payments to shareholders will be deducted from capital relief they've recently been granted. Switzerland last month adjusted regulatory standards to free up 26 billion francs of capital, its latest bid to ensure banks continue lending to businesses and households hit by the pandemic.
"The first quarter of 2020 once again showed our business model's ability to perform well under a variety of market conditions," Group Chief Executive Officer Sergio Ermotti said in the statement."We have been supporting our clients with lending and advice, helping them to navigate in this very difficult environment."
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