UBS to Charge Bank Clients for Franc Deposits
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UBS AG, Switzerland’s biggest bank, said it will start charging financial institutional clients for cash balances held in Swiss francs, adding to measures imposed last year to control inflows into clearing accounts.
The charge, which will be communicated individually to clients within days, will be levied from Dec. 21, the Zurich-based lender said in a notice to bank clients via the Swift system yesterday and made available by UBS. The company cited “continued prevailing market situation affecting the Swiss franc” for the move. The franc weakened against the euro.