SNB policy shock will hit smaller Swiss pte banks most
Zurich
AS the dust settles after Switzerland's shock abandonment of its currency cap earlier this month, the country's smaller private banks have emerged as possible casualties of the decision and an associated change in interest rate policy.
In a bid to discourage investors from piling into the safe-haven Swiss franc, which shot higher after the removal of the cap, the Swiss National Bank (SNB) decided to charge even higher so-called negative interest rates from Jan 22 on some of the banks that deposit overnight funds with it, after first saying it would introduce negative interest rates in December.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
HSBC’s private bank shuts independent asset management business in HK, Singapore
Yen drops to fresh 34-year low as BOJ keeps key rate unchanged
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea
Bank of Japan keeps rates steady, projects inflation staying near 2% in coming years