Interest rates on national and international markets continue to be at historic lows and are mostly even in the negative. Due to the lending prohibition, it is becoming increasingly difficult for PostFinance to find profitable investments for the customer deposits entrusted to it. As a result, it loses out on income equivalent to a figure in the double-digit millions each year. At the same time, ever stricter regulations are leading to higher expenses and costs. The financial service provider has therefore decided to increase the fees for individual products which are no longer covering costs, to reduce interest rates on accounts and interest limits, and to extend the fee on the credit balance.
“I appreciate that these measures will not be very popular amongst our customers. Nobody likes paying fees”, comments Hansruedi Köng, CEO of PostFinance. “We have a clear mandate to operate economically. However, as a bank owned by Swiss Post and therefore by the Swiss Confederation, we are not bound by the classic shareholder value approach. We have therefore always allowed our customers to share in our success. This has enabled us to offer them attractive interest rates and fees over the years. We too are pained by the fact that this is no longer possible to the same extent due to negative interest rates, the lending prohibition and the costs incurred by stricter regulatory requirements.”