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UBS could charge SME clients deposit fees if SNB cuts rates, official says

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UBS could charge SME clients deposit fees if SNB cuts rates, official says

UBS Group AG could charge deposit fees on small and medium-sized enterprise customers if the Swiss National Bank further lowers its rates, Reuters reported, citing Alain Conte, the bank's head of corporate and institutional clients for Switzerland.

The Zurich-based banking group currently imposes fees on large businesses for their cash deposits but SMEs are so far exempted, Conte said, adding that it may have to be reviewed if the central bank cuts the negative 0.75% policy rate during its Sept. 18 monetary policy meeting.

Economists told the newswire that the SNB will likely hold rates.