Nedbank said on Wednesday it will proceed with paying shareholders about R3.5bn in dividends on April 20, although it is supportive of the Reserve Bank’s guidance that banks hold on to distributions to shore up their balance sheets.

On Monday, the central 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...

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