Banks in Switzerland

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.

Showing 6 Banks in Switzerland