Close Brothers Group has become the latest UK bank to cancel the payment of its latest dividend.

The bank – the parent of Close Brothers Asset Management (CBAM) – said this morning that it had taken the decision to cancel its interim dividend of 22.7p per ordinary share against the backdrop of “significant challenges currently faced by businesses and individuals”.

The dividend had been due to be paid on 22 April.

“The group's strong financial position and resilient business model leave us well placed to navigate these conditions. This decision will further increase our ability to execute our business...