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
Elizabeth Ferguson

Texas Woman Viciously Bludgeoned in Random Lunchtime Attack Breaks Silence: 'Those Entire Two Days are Completely Gone'

Elon Musk

Election Officials Call Elon Musk a 'Huge Problem' For His Role in Spreading Misinformation Ahead of Election Day

Man Fed Up with Sister Cleaning His Room Gets Court

Man Fed Up with Sister Cleaning His Room Gets Court to Make Her Stop

Candace Craig and Salia Hardy

Maryland Woman Reveals Mom's Sick Plot to Dispose of Dismembered Grandma's Body Using Chainsaw and A Grill

Real Time Analytics