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Aktia Bank: Adjusting for the ECB recommendation - Danske Bank

This week the ECB published its much anticipated dividend recommendations. We were very disappointed with the outcome, as we believe it is significantly too conservative and that it further penalises strong banks. As a result, we have cut our dividend estimates for Aktia to zero for 2019 and EUR0.08 for 2020.

We see potential for a further capital release post 30 September but we do not include this in our estimates.
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