Dutch wealth manager Van Lanschot Kempen has agreed to postpone 2019 dividend for its shareholders to support the economy amid the crisis caused by the Covid-19 pandemic.
The firm now expects to pay out the 2019 dividend to at least 1 October 2020.
This is subject to the approval of the statutory and supervisory Boards and the Covid-19 scenario.
This is also subject to its capital ratio that should meet the targets.
The firm noted: “The world now finds itself in exceptional conditions and Van Lanschot Kempen recognises and understands the call from various sides to proceed with caution when paying dividends.
“Although not all aspects of the recommendations apply to it as a wealth manager, it has decided to take a responsible approach and not to pay out any dividend at this stage.”
At the same time, Van Lanschot Kempen stressed that it has strong capital and liquidity buffers.
The firm believes that this would enable it to push ahead with its wealth management strategy.
At the end of last year, the firm’s CET 1 ratio stood at 23.8%.
The firm also committed to offering tailored offerings if required.
The firm is also delaying the publication of its Q1 2020 trading update to 7 May 2020 owing to the pandemic and its pressure on the capacity within the firm.
The firm was originally expected to release the update on 22 April 2020.