Market Overview

UBS: No On Dividends For A While

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UBS (NYSE: UBS), Switzerland's biggest bank, said it will not pay dividends for "some time" to satisfy capital requirements set forth in the new Basel III accords without selling additional shares.

UBS CFO John Cryan said on the company's Web site that the bank won't pay dividends for "some time to come," but added there are no plans to sell shares.

Under the so-called Basel III rules, risk-weighted assets at UBS would have been at about $409 billion at the end of June compared with almost half that amount under Basel II, Bloomberg News reported.

UBS believes it can satisfy new capital requirements through retained earnings by 2013.

Posted-In: John CryanNews Dividends Global Pre-Market Outlook Intraday Update Markets Movers

 

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