Swiss bank Julius Baer to cease charging clients negative interest

ZURICH (Reuters) – Julius Baer will no longer charge negative interest rates on client deposits in euros, Swiss francs or Danish krone, the Swiss private bank said on Friday, citing the European Central Bank’s Thursday decision to hike its main interest rate to 0%.

The decision by the Swiss National Bank to raise its policy rate from -0.75% to -0.25% last month was another factor in the bank’s decision, which will apply from Aug. 1, it said.

(Reporting by John Revill; Editing by Jacqueline Wong)