Banco de Sabadell S A : Sabadell agrees not to pay dividend in 2020

The Board of Directors of Banco Sabadell, in its extraordinary meeting held today, and as a precautionary measure in the face of the circumstances generated by the COVID-19 crisis, has agreed not to pay a dividend in 2020.

The Board has also thanked the Chairman, the CEO and Senior Management, including that of the UK subsidiary, TSB, for their decision to forgo this year's variable pay, praising their high level of commitment given the current circumstances.

The meeting analysed and considered the measures that have been taken over the past few weeks in order to support the customers of the Bank at this difficult time. These measures include the establishment of weekly payments to suppliers, advances of unemployment benefits and pensions, a three-month deferral of social rent for particularly vulnerable families whose home is part of the Social Housing Fund, a mortgage moratorium of up to 12 months, as well as a number of finance options for families and companies offered through its assistance plan called 'Plan de Acompañamiento', which focuses particularly on credit facilities provided by ICO (Instituto de Crédito Oficial).

In relation to the organisational and staff-related measures taken to ensure the continued provision of essential services, details were given of the actions that have enabled all staff to work from home.

The Board highlighted the enormous commitment and professionalism of all staff at Banco Sabadell, particularly the staff assigned to its branch network, where day after day the teams have been showing their resourcefulness and resolve to provide services to our customers. It also expressly reiterated its commitment to retaining jobs in Banco Sabadell.