Credit Suisse, UBS to delay dividend over virus

Credit Suisse, UBS to delay dividend over virus

EPA-EFE/ENNIO LEANZA

Swiss banks UBS and Credit Suisse will pay out part of their dividend later in the year as the country’s financial markets watchdog FINMA urged a change of their decision to proceed with a full payout amid the coronavirus pandemic.

UBS revealed it will pay out its $0.73 dividend in two parts, while Credit Suisse is still considering a cash distribution of $0.14 per share.

Following their decision, FINMA stated it “sees these precautionary measures taken by both institutes as a way to responsibly deal with the great uncertainty of the COVID-19 crisis and shareholders’ expectations.”