ZURICH (dpa-AFX) - Credit Suisse Group AG (CS) agreed to pay its 2019 dividend in two installments following a request from the Swiss Financial Market Supervisory Authority FINMA, amid the COVID-19 pandemic.
The Swiss bank's board proposes that instead of a total dividend of 0.2776 Swiss francs per share, it will distribute 0.1388 francs per share. Half of the new proposed dividend will be paid from retained earnings and the other half coming form the capital contribution reserves.
The bank also plans to propose a second cash distribution of 0.1388 francs per share in the Autumn of 2020.
Subject to confirmation following this assessment and the subsequent approval by shareholders, the resulting aggregate dividend in 2020 would be in line with intention to increase the dividend by at least 5% per annum.
All other proposals of the Board of Directors remain unchanged. The Annual General Meeting will be held on April 30.
The company confirmed the summary given in its trading update on March 19, 2020 together with the further comments on current trading and outlook provided in Annual Report on March 25, 2020.
Credit Suisse plans to publish its results for the first quarter of 2020 on April 23, 2020.
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