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British asset manager Close Brothers Group is suspending its 2020 interim dividend to support businesses and individuals during the crisis triggered by the Covid-19 pandemic.

The dividend was originally scheduled to be distributed on the 22nd of this month.

The firm noted: “The group’s strong financial position and resilient business model leave us well placed to navigate these conditions.

“This decision will further increase our ability to execute our business model and support our customers, clients and employees in the current market environment.”

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The firm mulls paying a full year dividend for the financial year ending 31 July 2020.

However, the decision is said to be subject to the firm’s performance and conditions at that period.

Major UK banking groups have recently agreed to scrap around £8bn worth of dividends, thereby freeing up capital to support individuals and businesses hit by Covid-19.

UK banks such as HSBC, Santander, Standard Chartered, Barclays, RBS and Lloyds have already scrapped their dividend payouts for 2019 in the wake of the pandemic.

To prepare the banks for a potential recession, the Prudential Regulatory Authority (PRA) also urged the banks to refrain from sending out cash bonuses to its executives.

Close Brothers offers wealth management services, securities trading, lending, as well as deposit taking services.