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BZ WBK bank asked by regulator to retain 2016 profit and forego dividend

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WSE-listed Santander unit Bank BZ WBK has been asked by Poland's Financial Market Authority (KNF) to retain its full 2016 earnings and forego any dividend payment.

BZ WBK had met the initial criteria allowing for a 50% payout ratio, management noted, but the KNF applied additional criteria to account for BZ WBK's FX-denominated mortgage book, shutting the door to a payment, BZ WBK said of the argument presented by the KNF.

 

The announcement follows a similar note from Poland's largest lender PKO BP which was also asked to retain the full measure of 2016 profits and forego any dividend payments.

 

The bank's CEO had already indicated that his institution was likely to forego a dividend payment, citing regulatory concerns.

2017-03-13



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