Australia's NAB seeks $2.2 billion from investors, slashes dividend as virus halves profit [Reuters]
Westpac Banking Corporation (WBK)
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Source: Reuters
Australia's NAB seeks $2.2 billion from investors, slashes dividend as virus halves profit SYDNEY (Reuters) - National Australia Bank Ltd ( NAB.AX ) asked investors for A$3.5 billion ($2.2 billion) and slashed its dividend to the lowest in almost three decades, as its first-half profit tumbled in part due to charges associated with the coronavirus pandemic. The planned capital raising, via a discounted share sale, is the biggest by an Australian company since the virus outbreak, which has killed 83 people in the country and shut down large parts of the world’s 12th-biggest economy. The bank, Australia’s third-biggest, said it had decided to pay more than A$850 million in dividends, or about a third of what it paid last year, rather than scrapping it as it did not want investors who depended on the income to dump the stock. Its decision follows a regulatory directive to consider postponing shareholder payouts until the impact of the pandemic was better known. NAB, which brought forwa
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