(EJInsight) HSBC Plc. will start charging clients for deposits in a basket of European currencies.
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.
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It will not affect deposits by individual or corporate customers.