Swiss wealth manager Julius Baer will propose splitting its 2019 dividend payment into two halves following a regulatory request, it said on ...
Swiss wealth manager Julius Baer will propose splitting its 2019 dividend payment into two halves following a regulatory request, it said on Tuesday, postponing by a month its annual general meeting in order to meet notification requirements.
FILE PHOTO: People walk past a branch of Swiss bank Julius Baer in Zurich, Switzerland February 3, 2020. REUTERS/Arnd Wiegmann/File PhotoZURICH: Swiss wealth manager Julius Baer will propose splitting its 2019 dividend payment into two halves following a regulatory request, it said on Tuesday, postponing by a month its annual general meeting in order to meet notification requirements.
The announcement follows similar proposals by larger Swiss banks UBS and Credit Suisse responding to requests from Swiss financial supervisor FINMA that they conserve capital amid the coronavirus pandemic.
"However, our decision is aligned with those of our peers and marks our commitment for a joint and united effort by all parties involved in the face of the challenges of the COVID-19 crisis." Switzerland's third-largest listed bank will now propose a shareholder payout of 0.75 francs per share at its AGM on May 18, and plans to call an extraordinary shareholder meeting by mid-November at which it will propose another 0.75 franc payout"in the absence of a drastic change of circumstances".Its annual meeting had been scheduled to take place this week.
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