BNG Bank to postpone dividend payment following recommendation of the ECB

1 April 2020

BNG Bank published its annual results 2019 on 16 March 2020 and proposed, in line with its dividend policy, to pay out EUR 71 million to shareholders. This equals 50% of the net profit after deduction of the dividend to providers of hybrid capital.

At the end of last week, the European Central Bank (ECB) strongly recommended credit institutions under ECB supervision to refrain from making dividend payments until at least 1 October 2020 or to skip dividend payments at all. This is against the background of the significant shock brought to the economy by the corona pandemic. Banks are asked to mitigate these effects as much as possible. The ECB expects banks to do their utmost to help clients and to have their maximum capital available for clients that need loans. Following this recommendation, BNG Bank decided to postpone payment of dividend over the year 2019 until at least 1 October 2020.

It is the absolute intention of BNG Bank to pay out the dividend after 1 October 2020. If, due to unforeseen developments, a payment after 1 October turns out to be not possible or not allowed, the Supervisory Board and Executive Board of BNG Bank will then make an alternative proposal to its shareholders.

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