UBS offers respite from negative interest rates to wealthy clients

news-single-imgcaption" style="width:240px">Decisions will be made on a case-by-case basis, with the goal of attracting more and more deposits. (Keystone)

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UBS would reach out to its wealthy clients hit by negative rates by offering them a multi-month exemption. The relief will only benefit those wishing to invest part of their funds currently on deposit, Bloomberg reports on Friday.

Decisions will be made on a case-by-case basis, with the aim of attracting more and more deposits, according to the press agency which mentions anonymous well-informed sources.
UBS faces a balance sheet dilemma, said Bloomberg.

Following the outbreak of the coronavirus crisis, the bank was approached by companies wishing to obtain credit. On the liabilities side, many wealthy clients withdraw their deposits in order to avoid negative rates. (Awp)

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