UBS to pay 2019 dividend in two instalments in line with FINMA request

Maria Nikolova

The Board of Directors asks shareholders to approve a dividend distribution of $0.365 per share to be paid on May 7, 2020 and a special dividend reserve of $0.365 per share.

In accordance with a request by the Swiss Financial Market Supervisory Authority (FINMA), the UBS Board of Directors proposes that its shareholders approve that the previously announced dividend of USD 0.73 for the financial year 2019 will be paid in two instalments, a dividend distribution of USD 0.365 per share and the establishment of a special dividend reserve of USD 0.365 per share.

The revised 2019 dividend proposal will be put to vote at the Annual General Meeting on April 29, 2020. The Board of Directors intends to propose the distribution of this additional USD 0.365 per share at an extraordinary general meeting, to be convened on November 19, 2020, after publication of UBS’s third quarter results.

UBS currently expects to report a first quarter 2020 net profit of around $1.5 billion, with strong operating performance in all business divisions, even after accounting for credit loss expenses and own credit valuation adjustments. The firm expects its CET1 capital and CET1 leverage ratios at the end of the first quarter 2020 to be in line with its targets, and well above regulatory requirements, despite market conditions leading to a significant increase in credit and market risk RWAs.

To the extent UBS decides not to proceed with the payment of the second installment of the 2019 dividend to preserve capital, UBS will eliminate all cash payments of the 2020 GEB incentive award and allocate them into its deferred equity-based and contingent capital compensation plans.

UBS also commits to take further measures as the year unfolds in all 2020 compensation decisions and review its policies for both management and the Board of Directors.

UBS supports the immediate measures announced by the Swiss Federal Council to support the economy with a focus on SME in conjunction with UBS and other Swiss banks. The firm has already provided CHF 2.1 billion in liquidity to over 16,000 mostly small and medium-sized companies since the launch of the Swiss government-backed lending program on March 26, 2020.

UBS says it has committed to make no profit from this support.

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