Julius Baer, the Zurich-based bank, has told clients that it is giving to charity this Christmas, rather than buying them presents, reports the Wealth Bulletin.

Taking a philanthropic stance the bank is this Christmas donating the money usually allocated to buy clients’ presents to Caritas, a confederation of 162 Catholic relief, development and social service organisations. The donation is mentioned in the Christmas cards the Zurich-based bank sends to its clients.