TOKYO, May 2 (Reuters) - Japan’s Bank of Tokyo-Mitsubishi UFJ (BTMU) will start charging negative interest rates on euro deposits from dozens of its biggest European clients, a spokeswoman said, in a bid to pass on some of the costs of the ultra-low rate environment.
BTMU, the core unit of Mitsubishi UFJ Financial Group , will become the first Japanese bank to make such a move.
BTMU is in talks with some corporate clients about its plan to charge euro-denominated time deposits shorter than 12 months booked at its London branch, spokeswoman Kana Nagamitsu said on Tuesday. She added that the bank will not start charging without clients’ consent.
Reporting by Taiga Uranaka; Editing by Randy Fabi