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Shares in Royal Bank of Scotland (LON:RBS) slipped 5.42% to 106.78p (as of 10:30 GMT) after it cancelled the payment of ordinary and special dividends in response to a request from the PRA. The company also said that no quarterly or interim dividends would be paid in 2020 and it would not conduct any share buybacks.
CEO Alison Rose commented: “RBS has a robust capital and liquidity position and we are focused on ensuring we support our customers and help them to navigate the immediate and longer-term challenges they are facing as a result of Covid-19.
“As we continue to build a purpose led bank we are committed to balancing the needs of all our stakeholders. Helping people, families and businesses who need our support is the right thing to do at this time of significant uncertainty.
“The Board remains committed to capital returns, will continue to review the situation and will look to resume distributions to ordinary shareholders in due course“.