Negative interest forces SEB Bank to raise cash service prices

The Lithuanian branch of Sweden’s SEB Bank has announced that its clients will have to pay more for many of the services as of June. This way, the bank’s clients are to shoulder some of the losses the bank sustained from negative interest.

The most noticeable price hikes will affect SEB Bank’s cash operations. The bank says it is forced to do it to balance the rising costs of its operations.

Baking profits in Lithuania fell dramatically as a result of negative interest environment, undercutting the banks’ main revenue source, vz.lt reports. The losses need to be compensated, including from other banking services and commission, banks say.