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HSBC, Standard Chartered Shares Plunge After Dividend Payment Cancellations

Stock Markets Apr 01, 2020 01:39AM ET
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© Reuters.

By Gina Lee

 

Investing.com - Banking giants HSBC (HK:0005and Standard Chartered PLC (HK:2888saw their Hong Kong-listed shares plunged on Wednesday morning as both cancelled dividend payments at the U.K. financial regulator’s request.

 

The HSBC board said yesterday that it received a written request from the Prudential (LON:PRU) Regulation Authority (PRA) “not to pay...the fourth interim dividend in respect of 2019 considering the COVID-19 pandemic.

 

HSBC will also not make quarterly or interim dividend payments until the end of the year. It will also not make accruals in ordinary shares or undertake any ordinary share buy-backs in 2020.

 

Standard Chartered also received the same PRA request, and its board said it decided “after careful consideration to withdraw the recommendation to pay a final dividend for 2019 of 20 cents per ordinary share and to suspend the buy-back program announced on 28 February 2020.”

 

It added: “No interim dividend on ordinary shares will be accrued, recommended or paid in 2020.

  

HSBC’s shares in Hong Kong were down by 8.8% to HK$40.25 by 12:42 AM ET (5:42 AM GMT), Standard Chartered shares were down by 5.1% to HK$41.00.

HSBC, Standard Chartered Shares Plunge After Dividend Payment Cancellations
 

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