DGAP-News: Commerzbank Aktiengesellschaft
/ Key word(s): Dividend
- Zielke: "In view of the Corona pandemic our priority now lies in supporting our customers."
- Annual General Meeting planned as a virtual online event
The Board of Managing Directors of Commerzbank will not propose a dividend payment for the 2019 financial year to the Annual General Meeting 2020. Commerzbank is thus following the European Central Bank's recommendation to banks from 27 March 2020 not to pay a dividend for 2019 and 2020 until at least 1 October 2020, given the uncertainties caused by the Corona Virus pandemic. For the current fiscal year 2020, the Management Board will not plan for a dividend payment until the uncertainties caused by the Corona Virus pandemic have ended. The Board will then decide on this again as appropriate. Therefore, any quarterly profits can be fully included in the regulatory capital ratios.
"In view of the Corona pandemic our priority is to support our customers," said Martin Zielke, Chairman of the Board of Managing Directors of Commerzbank. "We have strong capital buffers and a comfortable liquidity position that are above all regulatory requirements. Nevertheless, given the uncertainties surrounding the Corona Virus pandemic, it makes sense to follow the ECB's recommendation and suspend dividend payments for the time being."
On the basis of the amendments to the German law adopted by the Bundestag last week, the Bank is planning to hold its Annual General Meeting this year as a virtual online event. "The health of our shareholders and of employees and service providers involved in the organization of the event has priority. We are thus reviewing all options for a legally, technically and organizationally reliable execution of our shareholders' meeting," explained Martin Zielke. "Depending on this, the Annual General Meeting will be held on 7 May 2020 as originally scheduled or at a later date. We welcome the substantial statutory easing of regulations introduced by the Federal Government to facilitate the holding of annual general meetings. This places us in the position of being able to pass the necessary resolutions despite the restrictions imposed by the Corona Virus pandemic."
Disclaimer and Forward-Looking Statement
|60311 Frankfurt am Main|
|Phone:||+49 (069) 136 20|
|Indices:||MDAX, CDAX, HDAX, PRIMEALL|
|Listed:||Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange; London, SIX|
|EQS News ID:||1010449|
|End of News||DGAP News Service|