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UBS says to charge large companies for deposits in Switzerland
[ZURICH] 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.