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BRIEF-BIC Says It Lowers Dividend, Suspends Share Buyback Program

March 27 (Reuters) - SOCIETE BIC SA:

* 2020 CAPITAL ALLOCATION REVISED IN CONTEXT OF COVID-19 OUTBREAK

* BIC CAN RELY ON ITS INTEGRATED BUSINESS MODEL AND STRONG BALANCE SHEET, LEVEL OF UNCERTAINTY OF MAGNITUDE AND DURATION OF CRISIS REQUIRES REALLOCATING COMPANY’S CASH FLOW TO PROTECT ITS ON-GOING OPERATIONS AND REINFORCE ITS COMPETITIVE POSITIONS

* DECIDED LOWER PROPOSED DIVIDEND FOR FISCAL YEAR 2019 TO 2.45 EUROS PER SHARE

* THE BOARD OF DIRECTORS HAS DECIDED TO SUSPEND BIC’S SHARE BUYBACK PROGRAM UNTIL FURTHER NOTICE

* STRICT CONTROL OF COST, WORKING CAPITAL, AND CAPEX HAS BEEN IMPLEMENTED

* FINANCIAL POSITION REMAINS ROBUST AT SLIGHTLY ABOVE 170 MILLION EUROS NET CASH POSITION MID-MARCH

* CONFIRMED ACCESS TO LIQUIDITY WITH ITS HISTORICAL BANKING PARTNERS.

* I FIRMLY BELIEVE THAT WE HAVE, COLLECTIVELY, THE RESOURCES TO WEATHER THIS CRISIS TOGETHER - CEO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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