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Credit Suisse Will Delay Half of Dividend Payments Amid Virus

Credit Suisse Will Delay Half of Dividend Payments Amid Virus

(Bloomberg) -- Credit Suisse Group AG said its board will propose to pay half of its 2019 dividends this month and distribute the rest later this year, following a request from Switzerland’s financial regulator.

The bank will pay 0.1388 Swiss francs per share initially, half of what it originally planned, and present the rest for shareholder approval in the autumn, according to a statement on Thursday.

The response to the Swiss Financial Market Supervisory Authority’s request “is a prudent and responsible step to preserving capital in the face of the challenges posed by the Covid-19 pandemic,” the bank said. It “will allow for a fuller evaluation of the extent of the economic impact of this crisis later in the year.”

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With assistance from Bloomberg