ubs introduces charges on euro accounts exceeding 1 million
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

UBS introduces charges on euro accounts exceeding 1 million

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice UBS introduces charges on euro accounts exceeding 1 million

UBS Bank
Zurich - Arab Today

UBS Group is extending charges on cash holdings to more of its customers, becoming the latest bank to pass on the euro region’s negative interest rates.

The world’s largest wealth manager introduced a charge of 0.6 per cent on euro-denominated accounts with cash holdings exceeding 1 million euros ($1.08 million), the bank told clients in a letter seen by Bloomberg. UBS confirmed the content of the letter. 

"This charge reflects our costs resulting from the continuing extraordinarily low interest rates in the euro area and increased liquidity regulations,” the bank said in the letter. Clients who don’t agree to the conditions need to inform UBS and close their account by the end of April.

The European Central Bank (ECB) is trying to revive the euro-area economy by charging banks to keep money overnight at the ECB rather than lend or invest it, and by purchasing bonds to drive borrowing costs lower for companies.

UBS is among lenders grappling with the headwinds of negative interest rates and introducing fees for clients. In 2014 some banks started charging their clients for depositing large amounts of euros, passing on fees imposed by the European Central Bank, rather than paying interest.

UBS already passes on negative interest rates on very wealthy customers and some institutional clients in Switzerland where the Swiss National Bank recently held the interest rate on sight deposits at minus 0.75 per cent to curtail pressure on the Swiss franc. The bank has said it probably won’t pass on negative rates in Switzerland to retail clients.

The new UBS charge will be calculated and debited daily and applies to the total combined balance in multiple accounts held by the same customer. It doesn’t apply to euro accounts held in other investment advisory or discretionary mandates.

Another Swiss wealth manager, Julius Baer Group, is selectively charging euro clients, the bank said during its fourth-quarter earnings call.

Source : Times Of Oman

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ubs introduces charges on euro accounts exceeding 1 million ubs introduces charges on euro accounts exceeding 1 million

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ubs introduces charges on euro accounts exceeding 1 million ubs introduces charges on euro accounts exceeding 1 million

 



GMT 09:54 2018 Wednesday ,24 January

'Friendly and kind' N. Korean skaters

GMT 09:36 2017 Thursday ,07 December

Heidy Karam’s contract to present talk show close

GMT 10:50 2012 Friday ,20 January

Dusty weather expected in UAE on Friday

GMT 09:35 2018 Saturday ,13 January

New Zealand bat first in third ODI against Pakistan

GMT 10:48 2017 Saturday ,23 December

Meryl Streep's brand under threat

GMT 06:53 2017 Thursday ,11 May

17th Doha Forum To Begin Sunday

GMT 10:30 2017 Thursday ,23 November

Reports underline proliferation of weapons in Arab world

GMT 07:46 2017 Monday ,30 October

Catch it early, treat it early and move on

GMT 08:05 2015 Tuesday ,17 February

Conan O'Brien is first late night host to film in Cuba

GMT 16:17 2018 Thursday ,30 August

Five Saudi women pilots granted GACA licences

GMT 06:30 2018 Tuesday ,23 January

Knee surgery delays Pocock's return to Super Rugby

GMT 09:52 2018 Sunday ,21 January

American Coleman breaks 60m indoor world record

GMT 17:20 2018 Tuesday ,16 January

Joe Root lines up for his first IPL auction

GMT 09:46 2017 Monday ,30 January

Results of German first-division soccer league

GMT 13:14 2017 Wednesday ,03 May

Ericsson and Etisalat conduct 5G

GMT 14:00 2018 Saturday ,13 January

Qatar, UAE clash over alleged airspace violation

GMT 07:27 2018 Saturday ,13 January

Trump 'desperate' to undermine nuclear
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice