- Royal Bank of Scotland said it had decided to pay no more dividends or buy back any of its shares in the wake of the Covid-19 crisis.

The bank said it would defer any such capital management decisions until the end of 2020.

RBS said it had also cancelled its final and special dividend payments for the 2019 financial year, in line with a formal request from Britain's Prudential Regulatory Authority.

'RBS continues to maintain its robust capital and liquidity position and enters this period with more than sufficient capital to accommodate the combined simultaneous impact of severe UK and global recessions and a financial markets shock as demonstrated through our performance in recent Bank of England stress tests,' the company said.

'The board remains committed to capital returns, will continue to review the situation and will look to resume distributions to ordinary shareholders in due course.'

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