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Also known as: Basel Bank Corporation, Basler Bank-Verein, Basler Bankverein, Basler und Zürcher Bankverein, Schweizerische Bankverein
Written and fact-checked by
The Editors of Encyclopaedia Britannica
- Share price:
- $31.93 (mkt close, Mar. 15, 2024)
- Annual revenue:
- $39.06 bil.
- Earnings per share (prev. year):
- $1.87
Swiss Bank Corporation, former Swiss bank, one of the largest banks in Switzerland until its merger with the Union Bank of Switzerland in 1998. The Swiss Bank Corporation was established in 1872 as the Basler Bankverein, specializing in investment banking. In an 1895 merger with Zürcher Bankverein, it became a commercial bank and changed its name to Basler und Zürcher Bankverein, and in 1897, after absorbing two other banks, it became the Swiss Bank Corporation. In 1998 the Swiss Bank Corporation merged with the Union Bank of Switzerland to form UBS AG, which became one of the largest banks in the world.
The Editors of Encyclopaedia Britannica This article was most recently revised and updated by Brian Duignan.
FAQs
The Swiss Bank Corporation was founded in 1854 as the Basler Bank-Verein (Basel Bank Corporation) and became a joint-stock company in 1872. It specialized in investment banking. In 1895 its name was changed to Basler und Zürcher Bankverein when it merged with the Zürcher Bankverein (Zürich Bank Corporation).
What is the history of Swiss bank? ›
The central bank of Switzerland, the Swiss National Bank (SNB) is headquartered in Bern. The Swiss National Bank (SNB) serves as the country's central bank. Founded by the Federal Act on the Swiss National Bank (16 January 1906), it began conducting business on 20 June 1907.
What is the history of one Swiss bank? ›
The bank was founded in 2004 by Bénédict Hentsch. Hentsch's bank changed its name to GS Banque in 2014 and merged with Banque Profil de Gestion and Banca Arner, forming One Swiss Bank in 2021. The firm currently has CHF 5 billion of assets under management.
What is so special about Swiss banks? ›
The main benefits of Swiss bank accounts include low levels of financial risk and high levels of privacy. Swiss law prevents the bank from disclosing any information regarding an account (even its existence) without the depositor's permission, except in cases where severe criminal activity is suspected.
Why is Swiss bank famous for black money? ›
Swiss banks have often been associated with the perception of harboring black money due to their historically strict banking secrecy laws and their reputation for providing a safe haven for the storage of undisclosed assets.
Why did the Swiss bank collapse? ›
Hobbled by a series of scandals and failed restructuring plans under successive management teams, Credit Suisse had experienced massive deposit outflows in October 2022.
Who owns the Swiss bank? ›
Swiss National Bank
| Headquarters on the Bundesplatz in Bern |
|---|
| Ownership | Mixed ownership. Around 78% owned by Swiss public entities, the rest are publicly traded in SIX. |
| Chairman | Thomas Jordan |
| Central bank of | Switzerland |
| Currency | Swiss franc CHF (ISO 4217) |
5 more rowsCredit Suisse has dedicated investment-banking professionals on the ground in many regions of the country, with offices in Boston, Chicago, Houston, Los Angeles, New York and San Francisco and is a member of all major stock exchanges.
Which bank bought Swiss bank? ›
Credit Suisse Group AG has now been acquired by UBS Group AG, creating a new consolidated banking group. This marks a historic moment for UBS, Credit Suisse and the entire banking industry, and the beginning of a promising future together.
Do Swiss banks report to IRS? ›
As of 2022, information about your Swiss bank account must be handed over to the IRS in the United States. The IRS is responsible for collecting taxes and assessing the wealth of Americans, even wealth held in Swiss bank accounts must be accounted for.
Yes, it's legal for U.S. citizens to open a bank account in Switzerland. However, setting up a Swiss bank account requires a identity verification and you might have to provide various official documents that serve as proof of address and income.
How much money do you need to open a Swiss bank account? ›
The minimum balance for Swiss bank accounts depends on the account type and can vary from free of charge up to millions of dollars. Generally, Swiss banks may require you to deposit at least 10,000 CHF ( $9,000 or EUR 6,800) within a month of opening your account.
Why do billionaires use Swiss banks? ›
Low level of financial risks: the Swiss economy remains steady notwithstanding the economic hurricanes and tornadoes raging elsewhere, the inflation rate is close to zero, and the Swiss franc is probably the most stable currency in the world.
Can a US citizen have a Swiss bank account? ›
Residents of almost any country worldwide can open Swiss bank accounts and Switzerland is indeed one of the most renowned countries when it comes to opening accounts for foreign nationals. A Swiss bank account still offers security and privacy.
Is your money safe in a Swiss bank? ›
Although the strict privacy laws have since been loosened in response to international pressures, Swiss banks continue to be considered one of the world's safest and most private places to store wealth. People with offshore trusts routinely open a bank account within the trust structure.
