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South African Banks to Honour their Shareholders

Standard Bank says it will distribute dividends to shareholders later in April, joining Nedbank and Absa in proceeding with paying recently declared dividends. On Monday, the Reserve Bank’s supervision division, the Prudential Authority, issued a nonbinding recommendation for banks to consider suspending dividends and putting bonuses to senior managers on hold as SA grapples with the Covid-19 pandemic. The Bank also said that those banks that had declared dividends and were legally required to do so, should pay them. Nedbank said on Wednesday it would pay its R6.95 a share dividend on April 20. Absa is also set to pay its 620c a share in final dividends, translating into just more than R5.3bn in payouts to shareholders on the same day.