French banking group Crédit Agricole will cancel its upcoming dividend payment on the recommendation of the European Central Bank — and unlike most of its peers, its decision will capture its listed asset management subsidiary, Amundi, too.

In a statement late on 1 April, the French banking group said the payment of a dividend for the 2019 year was “no longer compatible” with the ECB’s call on 27 March, which asked banks not to pay dividends for as long as the coronavirus crisis persists — and “at least until the beginning of October 2020”.