Rabobank: no dividends until at least Oct. 2020 -statement

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AMSTERDAM, March 29 (Reuters) – Rabobank, one of the three largest Dutch banks, said on Sunday it would follow European Central Bank (ECB) recommendations and not pay dividends until October 2020 at the earliest due to the global coronavirus outbreak.

Rabobank, a cooperative bank that is a major agricultural lender, said it was aware the decision would “affect the direct return” for holders of its certificates during this period.

“We want to maximize our support to the real economy and help our clients through this crisis,” said CFO Bas Brouwers in a statement. The ECB on Friday instructed banks in the euro zone to withhold dividends for the time being to preserve capital. (Reporting by Toby Sterling; Editing by Andrew Cawthorne)

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