Swiss Bank Lombard Odier to Charge Clients to Hold Cash: FT
2015-01-20 21:00:08.25 GMT
By John Simpson
(Bloomberg) -- Private bank to charge negative interest
rates on cash balances of more than CHF100,000 in wake of Swiss
National Bank abandoning cap on the franc last week, FT reports,
citing bank officials.
* Charge of 0.75% on affected accounts will come into effect
Jan. 22
* Fee to apply to cash deposits only and not to cash held in
“discretionary portfolios with conservative, balanced or
growth profiles,” bank said
* Bank to advise clients to reduce cash holdings and seek
alternative investments for the excess cash
Link to FT Story: http://tinyurl.com/ptovxur
Link to Company News:SNBN SW <Equity> CN <GO>
Link to Company News:1152Z SW <Equity> CN <GO>
For Related News and Information:
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First Word newswire: NH BFW<GO>
To contact the editor responsible for this story:
John Simpson at +1-416-203-5726 or
jsimpson12@bloomberg.net
2015-01-20 21:00:08.25 GMT
By John Simpson
(Bloomberg) -- Private bank to charge negative interest
rates on cash balances of more than CHF100,000 in wake of Swiss
National Bank abandoning cap on the franc last week, FT reports,
citing bank officials.
* Charge of 0.75% on affected accounts will come into effect
Jan. 22
* Fee to apply to cash deposits only and not to cash held in
“discretionary portfolios with conservative, balanced or
growth profiles,” bank said
* Bank to advise clients to reduce cash holdings and seek
alternative investments for the excess cash
Link to FT Story: http://tinyurl.com/ptovxur
Link to Company News:SNBN SW <Equity> CN <GO>
Link to Company News:1152Z SW <Equity> CN <GO>
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the editor responsible for this story:
John Simpson at +1-416-203-5726 or
jsimpson12@bloomberg.net