Credit Suisse Splits 2019 Dividend in Two
April 09 2020 - 1:07AM
Dow Jones News
By Olivia Bugault
Credit Suisse Group AG said Thursday that it will pay its 2019
dividend in two installments following a request from the Swiss
Financial Market Supervisory Authority, known as FINMA.
The Swiss bank said that it will propose a dividend of 0.1388
Swiss francs ($0.143) gross per share at its AGM on April 30, half
which will be paid from retained earnings and the other half coming
form the capital contribution reserves.
The bank will propose another dividend of the same amount in
autumn, it said.
"While the board remains of the opinion that Credit Suisse's
financial strength would have continued to support the original
dividend proposal made to our shareholders, 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 to
preserving capital in the face of the challenges posed by the
Covid-19 pandemic," Credit Suisse said.
Credit Suisse had previously planned to distribute a dividend of
CHF0.2776 gross per share, it said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
April 09, 2020 01:52 ET (05:52 GMT)
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