Banco BBVA Argentina S.A. announced payment of installment 2 of 3 of dividend payment schedule
Banco BBVA Argentina S.A. (BBAR) has announced the payment of the second installment of its dividend schedule. Following approvals from shareholders, the Argentine Central Bank, and the Board of Directors, the total dividend amount is AR$400.6 billion. Installment 2 involves a payment of AR$48.6 billion or AR$237.203 per share, scheduled for June 11, 2024. Shareholders can opt for payment in pesos or National Treasury Bonds adjusted by CER 4.25% due December 13, 2024.
Non-resident shareholders, unless opting otherwise, will receive payment in pesos. Resident shareholders must communicate their payment preference via email by June 6, 2024. The cut-off date for share registry is June 6, 2024, and the payment will be managed through Caja de Valores S.A. for payments in pesos and Banco BBVA Argentina S.A. for payments in kind. Tax withholdings of 7% will be applied as per Argentine Income Tax Law.
- Dividend payment of AR$48.6 billion scheduled for June 11, 2024, indicating strong financial returns.
- Option for shareholders to receive dividends in National Treasury Bonds, providing flexibility.
- Authorization and approval from major governance bodies including the Argentine Central Bank and Board of Directors.
- The total dividend amount has grown from AR$264.2 billion to AR$400.6 billion.
- A high tax withholding rate of 7% on dividends as per Argentine Income Tax Law.
- The requirement for shareholders to communicate payment preferences by a specific deadline, which could be logistically cumbersome.
- Payments to non-resident shareholders in pesos may not be favorable due to currency exchange rates.
The Shareholders of Banco BBVA Argentina S.A. are hereby notified that, as resolved by the General Ordinary and Extraordinary Shareholders' Meeting held on April 26, 2024, the authorization of the Argentine Central Bank Financial and Exchange Entities Authority obtained on May 3, 2024 and the Board of Directors meeting held on May 6, 2024, approved the payment of a dividend in the amount of AR
In this sense, Installment 2 will be made available and paid for the sum of
Non-resident shareholders
Non-resident shareholders will receive payment in pesos, unless they express their intention to receive payment of their dividends with National Treasury Bonds in pesos adjusted by CER
One day before the payment date, a complementary payment notice will be published informing the market price of the Bonds to be delivered.
Resident shareholders
Payment to resident shareholders will be made in pesos (the "Payment in Pesos"), unless they express their intention to receive Payment in Kind, sending an email to corporateactions-arg@bbva.com until June 6 at 3:00 p.m.
General terms and conditions of dividend payment
Payment date: June 11
Cut-off date: June 6
Those shareholders who wish to exercise the Payment in Kind option and own their shares in a depositor at Caja de Valores must send the instruction through their custodian agent, detailing ownership and client account number.
That option cannot be carried out partially, and will apply to the entire position that the shareholder has on the cut-off date.
Those shareholders who own their shares within the scope of the Shareholder Registry that Caja de Valores S.A. carried out for the account and order of Banco BBVA Argentina S.A. must contact the Bank at the email address: corporateactions-arg@bbva.com to obtain information on the procedure applicable for the purposes of the provision of Payment in Kind.
Payment in Pesos will be made available from the indicated date, through Caja de Valores S.A located at 25 de Mayo 362, Autonomous City of Buenos Aires, on business days from 10:00 a.m. to 3:00 p.m. , where they must comply with the required procedures and the settlements will be carried out in accordance with the regulatory deadlines.
Payment in Kind will be made available through Banco BBVA Argentina S.A. from 10:00 a.m. to 3:00 p.m., at Av. Córdoba 111, Autonomous City of Buenos Aires.
It is expressly established that the share holdings of the Shareholders registered on the Cut-Off Date of each installment will be the only ones taken into account for the purposes of paying the declared dividend. Notifications made by those who do not turn out to be holders of shares of Banco BBVA Argentina S.A. on the Cut-Off Date will be considered not presented and will be void.
American Depositary Shares (ADS)
Holders of American Depositary Shares (ADS) will receive payment through the depositary bank, Bank of New York Mellon, from the date determined by application of the rules governing the jurisdiction where the Bank's ADSs are listed. In that sense, the cut-off and/or payment dates may differ from those reported here.
Tax withholdings
The dividends that are proposed to be declared are subject to the
From the distribution of dividends, where applicable, the amounts duly paid by the Bank, in its capacity as Substitute Responsible for the Personal Property Tax corresponding to the periods 2022 and 2023 of those Shareholders who have been reached by the referred tax, all in accordance with the terms of the last paragraph of the article incorporated by Law No. 26,452 following article 25 of Law No. 23,966.
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SOURCE Banco BBVA Argentina S.A.
FAQ
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