Julius Baer to cease charging clients negative interest rates
July 22, 2022 at 01:03 am EDT
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Julius Baer Group Ltd.
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Julius Baer to cease charging clients negative interest rates
22.07.2022 / 07:01
Zurich, 22 July 2022 – Following the decision of the European Central Bank to increase the main EUR policy interest rate by 50 basis points to 0% as of 27 July 2022 and the previous increase in the CHF policy interest rate from -0.75% to -0.25% by the Swiss National Bank effective 17 June 2022, Julius Baer announces today that it will no longer charge negative interest rates on client deposits in euro, Swiss franc, and Danish krone as of 1 August 2022. In a persistent negative interest rate environment, Julius Baer has been applying negative interest rates to client cash holdings in these currencies.
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About Julius Baer
Julius Baer is the leading Swiss wealth management group and a premium brand in this global sector, with a focus on servicing and advising sophisticated private clients. In all we do, we are inspired by our purpose: creating value beyond wealth. At the end of April 2022, assets under management amounted to CHF 457 billion. Bank Julius Baer & Co. Ltd., the renowned Swiss private bank with origins dating back to 1890, is the principal operating company of Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange (ticker symbol: BAER) and are included in the Swiss Leader Index (SLI), comprising the 30 largest and most liquid Swiss stocks.
Julius Baer is present in over 25 countries and more than 60 locations. Headquartered in Zurich, we have offices in key locations including Bangkok, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Madrid, Mexico City, Milan, Monaco, Mumbai, Santiago de Chile, São Paulo, Shanghai, Singapore, Tel Aviv and Tokyo. Our client-centric approach, our objective advice based on the Julius Baer open product platform, our solid financial base and our entrepreneurial management culture make us the international reference in wealth management.
For more information visit our website at www.juliusbaer.com
Julius Baer Gruppe AG (the Group) is a Switzerland-based private banking group, with an exclusive focus on servicing and advising private clients and independent asset managers. The Group has a global presence with approximately 50 locations in more than 25 countries and jurisdictions. Julius Baer Gruppe AG was established through spin off from Julius Baer Holding AGâs businesses into two independent entities, namely the Company, together with its subsidiaries, comprising Bank Julius Baer & Co Ltd as its principal operating entity, and GAM Holding, together with its subsidiaries, comprising GAM and the Julius Baer-branded asset management business, which includes the private label funds business that formerly was part of Julius Baer Holding Ltdâs Bank Julius Baer segment. The Group diversifies its operations into geographical segments, including Switzerland, rest of Europe, Americas, and Asia and Other Countries.