Credit Agricole to Remove Loyalty Dividend Scheme
20 Décembre 2017 - 08:22AM
Dow Jones News
By Euan Conley
Credit Agricole SA (ACA.FR) said Wednesday that it will submit a
proposal to its shareholders in regard to withdrawing its loyalty
dividend scheme after the European Central Bank ordered it to
remove its loyalty dividend bonus clause by Sept. 2018.
The withdrawal comes after the European Banking Authority ruled
that payment of a loyalty dividend by Credit Agricole constituted a
"preferential distribution" in breach of the capital-requirements
regulation.
Credit Agricole said that the European Central Bank agreed with
the ruling and ordered it to remove the clause. The French bank
will submit a proposal on the removal of the clause to a general
meeting of shareholders to be held on May 16, 2018.
Only 6% of ordinary shares are currently eligible for the
loyalty dividend, representing an additional payout of EUR10
million in 2016, the bank said. A special meeting for shareholders
entitled to the dividend will take place on April 4, 2018, it
said.
Credit Agricole added that it was considering compensating the
beneficiaries.
Write to Euan Conley at euan.conley@dowjones.com
(END) Dow Jones Newswires
December 20, 2017 02:07 ET (07:07 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Credit Agricole (EU:ACA)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024
Credit Agricole (EU:ACA)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024