UBS Introduces Charges on Euro Accounts Exceeding 1 Million
- Bank becomes latest to pass on region’s negative rate
- Wealthy clients, some institutional customers already charged
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UBS Group AG is extending charges on cash holdings to more of its customers, becoming the latest bank to pass on the euro region’s negative interest rates.
Starting in May, the world’s largest wealth manager will introduce an annual fee of 0.6 percent on balances exceeding 1 million euros ($1.08 million), the bank told clients in a letter seen by Bloomberg. UBS confirmed the content.