UBS to Charge Private Clients for Euro Deposits
UBS will start charging private clients for their euro deposits. Clients will now have to pay 0.6% on euro-denominated accounts of more than 1 million euros starting from 1st May. Previously charges were levied at institutional investors only.
“Clients will now have to pay 0.6% on euro-denominated accounts of more than 1 million euros starting from 1st May.”
The charges imposed is the latest sign of the strain low interest rates are affecting the financial services industry.
News Source: Financial Times
UBS Group AG (NYSE:UBS) is a global firm providing financial services to private, corporate and institutional clients. It was founded in 1862 and merged several times prior to 1998, when the Union Bank of Switzerland merged with Swiss Bank Corporation – become UBS Group AG. The operational structure of the Group is comprised of Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. The UBS Group is present in all major financial centers and has offices in over 50 countries.
- Origin : Zurich, Switzerland
- Assets : CHF 942.82 billion
- Revenue : CHF 30.61 billion
- Employees : 60,000
Official Website: www.ubs.com
News & Media: Press Release
Updated on 8th August 2016