Fed grants four banks more time to submit capital plans

WASHINGTON, June 24 Tue Jun 24, 2014 11:00am EDT

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WASHINGTON, June 24 (Reuters) - The U.S. Federal Reserve on Tuesday gave four banks more time to resubmit capital distribution plans it had earlier objected to, saying this would give the firms more time to address capital planning weaknesses.

The four banks, which had asked for the extension, are Citigroup Inc, HSBC North America Holdings, Inc., RBS Citizens, Inc and Santander Holdings USA, Inc. .

The banks were originally scheduled to submit their plans by June 26, but now have until Jan. 5, 2015.

The firms will not be able to increase their capital distributions to shareholders, such as dividends and share buy-backs, until the new plans are approved. (Reporting by Douwe Miedema; Editing by Andrea Ricci)

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