Europe's banks turn to fees to kick customers' branch habit [Reuters]
CAIXABANK SA UNSP/ADR (CAIXY)
NASDAQ:AMEX Investor Relations:
caixabank.com/inversoresinstitucionales_en.html
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Source: Reuters
MADRID/FRANKFURT Nov 15 (Reuters) - At Spain's Caixabank (CABK.MC) most customers visiting a branch for a service they could access online will now have to pay two euros for the privilege. The fees are part of a shift by European banks, suffering from years of negative interest rates, to start turning the screws on customers who still rely on dense branch networks. A surge in deposits during the pandemic - which banks then have to pay to park at the central bank - is spurring many European lenders to start squeezing money out of services they used to perform for free. "A main part of our business, taking deposits, is becoming a loss-making activity. What was once part of our core business and profits is now making losses," said Caixabank's CEO Gonzalo Gortazar last month. With Gortazar's bank about to complete the integration of Bankia following its 4.3 billion euro ($4.92 billion) acquisition, it is sending its more than seven million new customers the details of the fee policy – inc
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