KBC: withdraws dividend, cancels buybacks
(CercleFinance.com) - Belgian bank and insurance group KBC said on Monday that it will withdraw its final dividend payment out of 2019 profit, while also canceling its planned share buybacks.
In line with ECB recommendations, KBC has withdrawn the proposal to be made to its annuel general meeting of 7 May to declare a final total dividend of 2.5 euros per share for 2019.
As a reminder, an interim dividend of one euro per share was already paid in November 2019.
KBC said that it also plans to evaluate whether all or part of this withdrawn final dividend should be paid out later this year in the form of an interim dividend.
In the meantime, it will cancel the proposed share buyback program of 5.5 million shares, it said.
This year's annuel general meeting will be organised in a virtual way, KBC added, which is also postponing its capital markets days, which was due to be held in Prague in June.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
In line with ECB recommendations, KBC has withdrawn the proposal to be made to its annuel general meeting of 7 May to declare a final total dividend of 2.5 euros per share for 2019.
As a reminder, an interim dividend of one euro per share was already paid in November 2019.
KBC said that it also plans to evaluate whether all or part of this withdrawn final dividend should be paid out later this year in the form of an interim dividend.
In the meantime, it will cancel the proposed share buyback program of 5.5 million shares, it said.
This year's annuel general meeting will be organised in a virtual way, KBC added, which is also postponing its capital markets days, which was due to be held in Prague in June.
Copyright (c) 2020 CercleFinance.com. All rights reserved.