Article: HSBC to charge for holding deposits

#AceFinanceNews – May.21: The lender has told other banks about its plan to charge them for deposits in euros, Swiss francs, Danish krone and Swedish krona — all currencies of countries that have negative interest rates, the Financial Times reported Wednesday.

The decision, which underlies industry-wide efforts to protect profit margins, will affect the bank’s clients in Hong Kong, Britain and Germany starting this summer and follows similar moves by Swiss, German and Nordic banks.

It will not affect deposits by individual or corporate customers.

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