World news – CA – UBS becomes the first large European bank to pay full dividends for 2019

ZURICH (Reuters) – UBS UBSG. S shareholders agreed Thursday to pay the second half of dividends for 2019, making it the first major European bank to pay a full dividend for the year despite disruptions from the coronavirus pandemic.. .

UBS, along with rival Swiss bank Credit Suisse CSGN. S Corporation decided in April to postpone paying part of its dividend for 2019 after mounting pressure from authorities over creditors’ payments during the coronavirus pandemic..

Banks across Britain and the Eurozone stopped paying dividends for 2019 during the height of economic uncertainty in March and April, while FINMA, the Swiss Financial Market Supervisor, took a softer approach, warning banks not to pay dividends in order to preserve Capital without completely blocking them.

About 99. On Thursday, 49% of the bank’s shareholders approved a $ 0 private dividend. 365 per share in a hypothetical extraordinary general meeting, corresponding to the initial payment in May.

Credit Suisse will hold its extraordinary public meeting in November. 27 to request approval of the second tranche of 2019 dividends.

UBS set aside about $ 2. 5 billion to return to shareholders next year. At FINMA’s request, the amount of payments earmarked for buybacks is rebalancing in favor of dividends, with former CEO Sergio Ermotti saying the approach allowed for more flexibility amid economic uncertainty..

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UBS, Dividend, Finance, Credit Suisse