ING bank suspends dividend payments due to coronavirus outbreak
AMSTERDAM (Reuters) - Dutch banks ING (INGA.AS) said on Monday it would follow the advice of the European Central Bank (ECB) and suspend any payment of dividends until at least Oct. 1 in light of the global coronavirus outbreak.
The ECB told euro zone banks on Friday to skip dividend payments and share buybacks until the start of October at the earliest and to use capital instead to weather losses and to improve their ability to lend.
ING said it had taken its proposal for the dividend for 2019 off the agenda for its upcoming shareholders meeting and did not expect to pay an interim dividend over 2020.
Any announcement on further dividend payments would be reviewed after Oct. 1, the bank said.
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