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Danske's Richest Clients Are Given a Guarantee on Negative Rates

  • Bank says it won’t follow UBS and charge for excess deposits
  • Danish banks have spared private clients from negative rates
Danske CEO To Step Down As Estonian Flows Seen At $234 Billion
Photographer: Freya Ingrid Morales/Bloomberg
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Danske Bank A/S, hampered by negative interest rates for longer than any European peer, promised wealthy depositors it will resist a trend to pass the burden on to them.

Christian Baltzer, the chief financial officer of Copenhagen-based Danske, told Bloomberg that charging people to keep their deposits at Denmark’s biggest bank could pose a risk to society. Some of Europe’s top wealth managers, including UBS Group AG and Credit Suisse AG, have introduced a fee on large cash balances.