ING: suspends dividend, in line with ECB's instructions
(CercleFinance.com) - Dutch banking group ING said on Monday that it will suspend its dividend, days after the European Central Bank recommended European banks to do this.
The lender said it will suspend any payment of dividends until at least October 2020, meaning that the proposal to pay a final 2019 dividend will be removed from the agenda of its AGM, scheduled for 28 April.
In addition, ING does not expect to make an interim-dividend payment from 2020 earnings and will review any further dividend announcements after October 2020, it said.
Noting that it is "well capitalised," the bank said that this move will give it even "greater flexibility" in this crisis.
The ING share was down over 8% on Euronext Amsterdam on Monday morning following the announcement.
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The lender said it will suspend any payment of dividends until at least October 2020, meaning that the proposal to pay a final 2019 dividend will be removed from the agenda of its AGM, scheduled for 28 April.
In addition, ING does not expect to make an interim-dividend payment from 2020 earnings and will review any further dividend announcements after October 2020, it said.
Noting that it is "well capitalised," the bank said that this move will give it even "greater flexibility" in this crisis.
The ING share was down over 8% on Euronext Amsterdam on Monday morning following the announcement.
Copyright (c) 2020 CercleFinance.com. All rights reserved.