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Singapore urges banks to cap dividends, Jefferies downgrades DBS to ‘hold’

The Monetary Authority of Singapore has called on Singapore banks to cap their total dividends per share for FY2020 at 60% of FY2019.

The dividend restriction is a pre-emptive measure to ‘bolster resilience and capacity to support lending to businesses and individuals through an uncertain period ahead for our economy,’ MAS said.