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Aareal suspends dividends

Nathan North 06 April 2020

Nathan North

Deputy editor

+48 22 356 25 22
nathan@eurobuildcee.com

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

CENTRAL EUROPE Aareal Bank’s management board has resolved to suspend the payment of dividends for the 2019 and 2020 financial years at least until October 1st 2020.

The decision of the German-based real estate financing bank follows a review of its proposal in February to issue a dividend of EUR 2 per share following an operating profit of EUR 248 mln in 2019. It is also in line with a request from the European Central Bank to withhold dividend payments until at least October 1st.

The new proposal to suspend dividend payments will be proposed at the bank’s next AGM, scheduled for May 27th.

“Our resolution adopted today complies with the corresponding recommendation by the ECB, which we will take into consideration in our proposal to the annual general meeting for the appropriation of profits. Nonetheless, given the ECB’s recommendation and recognising the significant uncertainty associated with the Covid-19 pandemic, we consider postponing the final dividend decision to be appropriate. We will carefully monitor further developments and will re-assess the situation in due course, also taking our shareholders’ interests into consideration,” explained Aareal Bank’s CEO, Hermann J. Merkens.

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