He understands the ECB’s decision to limit the payment of dividends, but considers that it has inflicted “damage” on bank stocks on the stock market.
Pedro Guerrero, Chairman of Bankinter, has claimed the freedom to pay dividends from entities, which at this time must abide by the restrictions imposed by the European Central Bank (ECB), which limit the payout that banks can distribute to their shareholders at 15% and the entity wants to return to 50%.
“Although we understand the decision of the ECB to recommend the restriction on the distribution of dividends charged to the benefit of 2020, how much damage it has inflicted on bank stocks, we believe that the time has come to differentiate ”, he stated during the Bankinter general meeting of shareholders, at which Maria Dolores Dancausa, CEO of the bank, has not been able to attend having tested positive for Covid-19.
The entity decided a few weeks ago to distribute 15% of its 2020 profits to its shareholders, which is equivalent to 15 million euros, although wants “to return as soon as possible to the same path as always”, that is, to payout 50%, which “will be the proof that we have returned to normality.” “And this because Bankinter’s solidity is beyond doubt“, Added the Chairman of Bankinter in his message to the entity’s shareholders.
Guerrero considers that 2020 has been “a very difficult year”, although “the horizon is hopeful.” “If we are able to definitively control the pandemic, the public powers take the appropriate decisions and we all put our capacities at the service of recovery, I am sure that within a reasonable time We will once again enjoy the levels of prosperity that we had before ”, he added.
Of course, he has warned that “it will not be easy or fast”, while saying that “Bankinter, of course, is going to do its part of the work.”
Guerrero also highlighted that “the whole of Spanish society has demonstrated commendable solidarity and civic sense” during the pandemic, something that “highlights” the “internal strength” of the country and its “ability to overcome together the obstacles that the future holds ”.
Guerrero has also referred to the Direct Line IPO, Bankinter’s insurance company, which will debut on the Madrid stock market on April 29. “It will have an influence on our results, but we are sure that with the growth rate we are having and thanks to the strength of our business model in a short period of time we will once again recover, and then exceed, the level of benefits“, Has pointed out.