British banking major HSBC will charge banking clients to hold some European currencies as interest-rate remain low the region, according to Bloomberg.

HSBC will impose negative interest rates on the Swiss franc, Danish krone, Swedish krona and euro accounts of banking institutions, the bank’s Hong Kong-based spokesman Gareth Hewett told the publication via an e-mail.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

However, retail and corporate will not be affected and HSBC has no plans to charge negative interest rates on those accounts, Hewett added.

The decision is likely to affect the bank’s customers in Germany, Hong Kong and the UK.

From 1 June 2015, HSBC will charge its banking client’s futures settlement accounts with a negative interest rate on their balances.

While, current and deposit accounts of the customers will be charged from 1 August 2015, Bloomberg reported citing a Hong Kong Economic Journal report.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Interest rates will be based on London deposit rates.