Switzerland's two big banks, UBS and Credit Suisse , said they decided to pay out part of their dividend for 2019 later this year after financial ...
ZURICH: Swiss banks UBS and Credit Suisse will postpone paying out part of their 2019 dividends until later this year after mounting pressure from authorities over lenders' payouts during the coronavirus epidemic.
Switzerland's two biggest banks said their strong capital and liquidity positions would have allowed them to support the Swiss economy and their clients in the crisis while also paying out their dividends, but were bowing to requests from Swiss financial markets watchdog FINMA. The regulator had warned banks not to pay out dividends in order to conserve capital to lend to companies during an economic downturn caused by coronavirus restrictions. It toughened its stance last week by blocking upcoming dividend payments from capital relief measures."We believe that this response to FINMA's request, in alignment with the similar decisions made by our peers, is a prudent and responsible step," Credit Suisse said.
UBS also offered a sweetener to investors, saying it expected on April 28 to report a rise in first-quarter net profit to around US$1.5 billion from US$1.1 billion a year ago. Credit Suisse confirmed upbeat trading updates given last month.
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