20th May 2015 05:53
LONDON (Alliance News) - HSBC is to begin charging clients on deposits in some European currencies, the Financial Times reported on Tuesday.
The move comes as banks look to protect their profit margins amid low or even negative interest rates set by central banks.
"HSBC charges banks for deposits they hold with us in currencies where negative interest rates apply," HSBC said to the FT in a statement.
"Banks affected have been notified and we continue to monitor the situation," the statement continued.
According to the report, HSBC will charge other banks on their deposits in euros, Swiss francs, Danish krone and Swedish krona at its operations in the UK, Germany and Hong Kong, effective this summer.
http://www.ft.com/cms/s/0/6ad3f99a-fe16-11e4-8efb-00144feabdc0.html#axzz3aeeiT6b8
By Samuel Agini; [email protected]; @samuelagini
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