Banks and Saving banks in Switzerland
Banks play an essential role in the Swiss economy, and all of them are regulated by the Swiss Financial Market Supervisory Authority. Regulations regarding privacy are beyond other European policies, and Switzerland has a tradition of bank secrecy, which violation constitutes a crime.
Major banks in the country are UBS and Credit Suisse, the largest and the second most important banks, which accumulate over 50% of all Swiss deposits. The rest are small banks operating for a single community or particular clients.
The Swiss National Bank acts as a central bank, but the regulatory authority is the Federal Commission.
Besides the “Big Two”, there are cantonal banks. These are 24 independent institutions, present in each canton, excepting Solothuen and Appenzel Ausserrhoden, and they have supported the economy of the respective canton, but connected with the others by the Cantonal Banks Group. Private banking offers the same services as big banks, and it is in the hands of private bankers who put their private money in those companies. There is also Cooperative banking, spread in small towns, and they operate independently and all of their members are reponsible for their branch. And at last, we find Islamic banking, its clients are Islamic and non-Swiss citizens and they try to offer Islamic banking services.
UBS sells $8 billion of Credit Suisse assets to Apollo - Reuters
... of Credit Suisse assets to Apollo Reuters...
UBS makes Sergio Ermotti best-paid European bank boss - Financial Times
...UBS makes Sergio Ermotti best-paid European bank boss Financial Times...
Tax Evasion Through Swiss Banks Alleged Against Florida Resident - Forbes
...Tax Evasion Through Swiss Banks Alleged Against Florida Resident Forbes...
UBS chief's surprise return to the Swiss banking giant bagged him a $15.9 million paycheck - CNBC
... return to the Swiss banking giant bagged him a $15.9 million paycheck CNBC...
Swiss banks start to close accounts of Russian clients - Euromaidan Press
...Swiss banks start to close accounts of Russian clients Euromaidan Press...
... a surprise cut to its key interest rate as others hold steady The Associated Press...
Switzerland gets a surprise rate cut. Will other central banks move before the Fed? - CNN
... gets a surprise rate cut. Will other central banks move...
Add a New Bank in Switzerland