UBS says to charge large companies for deposits in Switzerland

By

UBS said on Tuesday it had introduced a deposit charge for certain large account balances in Switzerland, following policy moves by the Swiss National Bank (SNB) which have sent the value of the safe-haven Swiss franc soaring.

"These extraordinary market conditions, coupled with increased regulatory requirements in relation to banks' liquidity obligations, have resulted in UBS introducing an individual deposit charge for large account balances held by corporate and institutional clients as well as by legal entities," a spokeswoman for Zurich-based UBS said in an emailed statement.

Cross-town rival Credit Suisse said earlier this month it planned to start charging institutional and large corporate clients for Swiss franc accounts.

The SNB shocked financial markets earlier this month by scrapping a three-year-old cap on the franc.

Tags
UBS, Credit Suisse
Join the Discussion
More News
No Jail for Medical Student Found Guilty of Raping Drunk

No Jail for Medical Student Found Guilty of Raping Drunk Woman Who 'Couldn't Possibly Consent': He Is 'Young' and 'Talented'

Puerto Rican Server Told to 'Go Back to Mexico' By

Puerto Rican Server Told to 'Go Back to Mexico' by Customers in Racist Note: 'No Tips for Illegals'

Georgia Man Chris Louis Leaves Children at McDonald's

Georgia Dad Left Young Children at McDonald's While He Went to a Job Interview. Cops Were Waiting When He Returned

Kolstad Stoeckel

Minnesota Man Begged Deputies to 'Put One in My Head' After Shooting Sleeping Roommate: Police