Standard Bank statement re ordinary dividends

Source: RNS
RNS Number : 0311J
Standard Bank Group Limited
07 April 2020
 

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.

 

Johannesburg

7 April 2020

For further information, please contact:

Ann Hunter

Standard Bank Group Limited
9th Floor
5 Simmonds Street, Johannesburg PO Box 2001
South Africa
Telephone number: +27 11 415 4194

DISCLAIMER

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.

In the United Kingdom, this Announcement is being distributed only to, and is directed only at, persons who are (i) investment professionals, as such term is defined in Article 19(5) of the U.K. Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the Financial Promotion Order); (ii) persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Financial Promotion Order; (iii) outside the United Kingdom; or (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any Notes may otherwise lawfully be communicated or caused to be communicated.

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