October 14, 2019 / 9:43 AM / a month ago

UniCredit says negative rates only for deposits above 1 mln euros

MILAN, Oct 14 (Reuters) - UniCredit will apply negative rates in 2020 only to clients deposits exceeding 1 million euros ($1.1 million), Italy’s biggest bank said on Monday, clarifying comments by its CEO which drew angry reactions from unions and consumer groups.

UniCredit Chief Executive Jean Pierre Mustier last week said the bank was working on measures to transfer the European Central Bank’s negative rates onto clients with more than 100,000 euros in their accounts.

$1 = 0.9064 euros Reporting by Gianluca Semeraro, editing by Valentina Za

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