Visit our Covid-19 microsite for the latest coronavirus news, analysis and updates

Follow the latest updates of the coronavirus (Covid-19) outbreak on our timeline.

Swiss private banking group EFG International will propose a dividend of CHF0.30 ($0.31) per share at its annual general meeting (AGM) despite regulatory pressure to curb the same in the wake of the Covid-19 pandemic.

“This is unchanged from the dividend distributed in the prior year,” the bank stated.

The AGM is slated to be conducted on 29 April 2020.

With this move, EFG follows the footsteps of other Swiss banks who have retained dividend distribution despite the crisis triggered by Covid-19.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Earlier, Credit Suisse still plans to pay out its 2019 dividend while UBS intends to distribute a 2019 dividend that is over half of its yearly profit.

AGM to be devoid of public attendance

The private bank will carry out the AGM this year without any attendees due to Covid-19.

Shareholders cannot be physically present at the AGM and have to execute their voting rights through the independent proxy.

New chairman nomination 

The bank’s chair of the board of directors John Williamson will not stand for re-election at this AGM.

Peter Fanconi will be nominated in Williamson’s place.

An 18-year EFG veteran, Williamson has previously served as the firm’s CEO.  He has been the board chair at the firm since 2016.

He will remain with the business as a strategic adviser.

Meanwhile, Fanconi presently chairs the supervisory board of BlueOrchard Finance and Graubündner Kantonalbank.

Besides, Amy Yip and Carlo Lombardini will stand for nomination to EFG’s board of directors.

The pair, along with Fanconi, will be nominated for a one-year office term.

All other board members will be nominated for an additional term of one year.