Dividend freeze could save top UK banks £6.5bn
HSBC will no longer distribute a cash dividend worth $3.1bn
Leading UK banks have obeyed their watchdog’s request not to issue dividends in 2020, so as to preserve their capital to support the coronavirus-ravaged economy. The cash savings at the top six UK banks could amount to £6.5 billion in total.
By foregoing payout of its 2019 fourth interim dividend, HSBC will retain about $3.1 billion in cash. Its 2019 full-year cash dividend was pegged at $7.6 billion; when including dividends to be settled in scrip, it was $10.3 billion.
Barclays will hold
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