Standard Bank statement re ordinary dividendsSource: RNS
Standard Bank Group Limited
07 April 2020
Standard Bank notes the Prudential Authority guidance on dividend distributions to ordinary shareholders
Standard Bank Group Limited ("Standard Bank" or "the group") notes the contents of guidance note G4/2020 issued by the Prudential Authority of the South African Reserve Bank (PA), in particular, the PA's expectation that no distribution of dividends on ordinary shares and no payments of cash bonuses to executive officers and material risk takers, should take place in 2020.
Group management and the board of directors of Standard Bank ("board") will consider the guidance of the PA and advise shareholders accordingly in due course.
The board fully recognises the importance of dividends to the group's owners. However, it also recognises the need to support households and businesses amid the Covid-19 pandemic and the importance of ensuring the stability of the group in the short, medium and long term.
The group remains well capitalised and liquid.
The information contained in this announcement has not been reviewed or reported on by the group's auditors.
7 April 2020
For further information, please contact:
Standard Bank Group Limited
5 Simmonds Street, Johannesburg PO Box 2001
Telephone number: +27 11 415 4194
This Announcement is not intended to, and shall not, constitute or contain an offer to sell or solicitation of an offer to purchase the securities referred to herein by any person in any jurisdiction where it is unlawful to make an offer or solicitation. The distribution of the Announcement and the offer or sale of the securities referred to herein in certain jurisdictions is restricted by law. This Announcement may not be used for or in connection with, and does not constitute, any offer to, or solicitation by, anyone in any jurisdiction or under any circumstance in which such offer or solicitation is not authorised or is unlawful.
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