Swiss bank UBS is temporarily removing negative interest rates for some very wealthy clients in order to preserve money and attract new capital during the corona crisis. Sources at Switzerland’s largest bank reported this to Bloomberg news agency. ING CEO Ralph Hamers will take the helm at UBS later this year.

The postponement of the negative interest rate would apply for several months. Due to the introduction of the negative interest rate by UBS last year, the bank had to deal with an outflow of savings to avoid levies. This has also made it more difficult to attract new money. UBS is the world’s largest asset manager.

The bank would now look on an individual basis at customers who can obtain a waiver of negative interest rates, the sources said. UBS declined to comment to Bloomberg on the matter. Hamers will succeed UBS CEO Sergio Ermotti this fall. Hamers will leave ING at the end of June.

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