Credit Suisse Informs Bank Clients of Negative Franc Rates
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Credit Suisse Group AG, Switzerland’s second-biggest bank, informed financial institutional clients that it will start imposing negative interest rates on cash balances held in Swiss francs, a bank official said.
Marc Dosch, a spokesman for the Zurich-based bank, declined to name the other currencies affected by negative rates. Credit Suisse said in the notice, distributed to bank clients via the Swift system today, that it will communicate the currencies involved, plus the thresholds and rates on an individual basis to those customers during the next five business days.