The mentioned fees for retail clients relate to deposits which exceed EUR 100,000.

The Italian Bank UniCredit is planing to introduce fees on deposits which exceed EUR 100,000 for retail clients, meaning that deposit saving over EUR 100,000 would bear a negative interest rate. The mentioned fees should be introduced in 2020.

Such news can be seen as a response of the bank on the recent cut of deposit facility rate by 10bp to -0.50% by the European Central Bank. To read more about the recent cut in the deposit facitily rate click here.

However, the CEO of UniCredit, Jean Pierre Mustier, stated that UniCredit will allow their clients to invest in money funds with no commissions.

As a reminder, UniCredit is also present in the Croatian market, where they own a 84.48% stake in Zagrebačka Banka.