(Sharecast News) - Close Brothers has cancelled its interim dividend to conserve capital during the Covid-19 crisis.
The merchant bank said scrapping the payout, due on 22 April, to give it the strength to support customers, clients and employees during market turbulence.
The FTSE 250 company joins big banks such as Barclays and HSBC in cancelling dividends during the coronavirus crisis. Retaining capital puts banks in a stronger position to lend to support the wider economy.
Close Brothers said: "The board of Close Brothers Group plc has decided to cancel the payment of its 2020 interim dividend ... recognising the significant challenges currently faced by businesses and individuals, and consistent with our purpose of helping the people and businesses of Britain."
The company said it would consider paying an annual dividend in September for the year to the end of July based on its financial performance and conditions at the time.
Close Bros (CBG)22 May 2024 10:27
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