Regulatory Alerts2020-06-07
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DOS Circular Letter No. 19: Dividend Policy for Banks for the Year 2019
The Department of Off-Site Supervision of the Bangladesh Bank directs all scheduled banks operating in Bangladesh to distribute cash dividends declared for the 2019 fiscal year to individual investors (local and foreign) by September 30, 2020, provided that relevant circulars and laws are complied with. This directive supersedes previous instructions that prohibited such distribution before this date, aiming to protect the interests of general investors in the capital market. The order was issued with the approval of the competent authority.
Department of Off-Site Supervision Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh 24 Jyestha, 1427 Bangabda DOS Circular Letter No. 19 Date: ------------------------- 07 June, 2020 AD Managing Director / Chief Executive Officer All Scheduled Banks operating in Bangladesh. Dear Sir,
Regarding the declaration and distribution of dividends against shares for the year 2019.
Reference is drawn to DOS Circular No. 03 issued by the Bangladesh Bank on 11 May, 2020, on the subject above. Through the said circular, instructions were given that cash dividends declared by banks for the year 2019 shall not be distributed before 30 September, 2020.
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In order to protect the interests of general investors in the capital market, it has been decided that cash dividends declared by banks for the year 2019 shall be distributed before 30 September, 2020, in favor of individual investors (local and foreign), subject to compliance with the relevant provisions of the Bangladesh Bank's aforementioned circular and other prevailing laws.
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This instruction is issued with the approval of the competent authority.
Yours faithfully, (Md. Sahidul Islam) Deputy General Manager Phone No.: 9530093 Department of Off-Site Supervision
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