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Zuercher KB says will begin charging some clients to hold Sfr
January 22, 2015 / 10:27 AM / 3 years ago

Zuercher KB says will begin charging some clients to hold Sfr

ZURICH, Jan 22 (Reuters) - Zuercher Kantonalbank on Thursday said it will begin charging some major clients to hold Swiss francs, following a decision by Switzerland’s central bank to push down its interest rate on some cash deposits and to scrap its currency cap.

The local government-backed regional lender is the second bank to apply a charge of 0.75 percent to some clients, following a similar move by Geneva-based private bank Lombard Odier on Wednesday.

Zuercher Kantonalbank said it has no plans to charge retail clients or small businesses for franc deposits as long as the Swiss National Bank doesn’t accentuate its monetary policy, but that clients should expect adjustments to savings accounts and related products.

Switzerland’s central bank stunned markets last week when it ended a three-year-old currency cap on the value of the Swiss franc against the euro, sending the currency soaring against the euro. (Reporting By Katharina Bart; Editing by Maria Sheahan)

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