Banco Santander Withdraws FY19 Final Dividend, Dividend Policy For 2020

(RTTNews) - Banco Santander S.A. (BNC.L, BSBR, SAN)Friday said its board has decided to cancel the payment of the final dividend against 2019 results and the dividend policy for 2020.

The decision follows the European Central Bank's recommendation that all European banks to preserve capital by canceling the payment of dividends against 2019 and 2020 results amid the coronavirus or Covid-19 pandemic.

The company on March 23 had communicated its decision to cancel the interim dividend for fiscal year 2020 and to postpone any decision on the 2020 dividends until there is more visibility on the full impact of the crisis.

The board's intention is now not to propose any dividend distribution until there is more visibility of the effects of the COVID-19 crisis and the 2020 results are known.

The Bank noted that it meets the capital requirements to maintain its current dividend policy and is comfortable with its capital buffers over regulatory requirements.