Credit Suisse to charge large companies for franc deposits

Monday, 19 January 2015 00:08 -     - {{hitsCtrl.values.hits}}

ZURICH (Reuters): Credit Suisse said on Sunday it planned to start charging institutional and large corporate clients for Swiss franc accounts following a move by the Swiss National Bank to introduce negative interest rates. The Swiss central bank announced in December that it would charge banks for franc deposits from Jan. 22, in a bid to stem a flight to the safe-haven currency driven by concerns over the euro zone and Russia’s deepening crisis. Last week, the central bank said it would increase the interest charge by a further 0.5 percentage points to -0.75 percent.