By Dominic Chopping 
 

Nordea Bank ABP said late Tuesday that in light of the coronavirus pandemic and the related recommendation of the European Central Bank, it has decided to postpone its planned 0.40-euro ($0.44) dividend.

The ECB considers it essential that banks conserve capital to retain their capacity to support the economy in an environment of heightened uncertainty caused by the pandemic. It has recommended that significant credit institutions, at least until Oct. 1, refrain from dividend distributions, commitments to pay out dividends for 2019 and 2020 and from share buy-backs.

"The board of directors intends to follow the recommendation adopted by the ECB and refrain from deciding on a dividend payment based on the authorization before Oct. 1, 2020."

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

April 01, 2020 01:50 ET (05:50 GMT)