Unicredit Withdraws Dividend, Buyback-Program Proposals
March 30 2020 - 1:37AM
Dow Jones News
By Olivia Bugault
UniCredit SpA said Sunday that it has withdrawn its 2019
dividend proposal as recommended by the European Central Bank,
while also postponing its share-buyback program.
The Italian bank had previously announced a dividend of 0.63
euros a share ($0.70) from profit reserves and the launch of a
share buyback of up to EUR467 million.
The decision to postpone both resolutions planned for the annual
general meeting on April 9 "was taken following the ECB's
recommendation on March 27 to not pay dividends until at least
October 2020," it said. As a consequence of the ECB recommendation,
Unicredit has also canceled its share buyback, it added.
Unicredit said it is offering to shareholders of the territorial
foundations--that are also shareholders of the bank--interest-free
loans up to the amount of dividends.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
March 30, 2020 01:22 ET (05:22 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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