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Swiss Bank Corporation |
Swiss Bank Corporation (SBC) was the third largest bank in Switzerland before it merges with Union Bank of Switzerland in 1998. The company had owned the assets over 300 billion CHF and 11.7 billion CHF of equity.
In 1990s there was a remarkable transition in its history, that the company shifts its focus into the investment from the traditional commercial banking. As a result they have acquired Dillon Read & Co., an investment bank based in US and London based S.G. Warburg, a merchant bank. Further acquisitions and mergers were also made, so as to match Credit Suisse, a big rival of the time. The acquisition of Brinson Partners and O’Connor & Associates is also a part of such arrangement which also led to the foundation as the global business on investment banking.
The merger of Union Bank of Switzerland with the company in 1998 was an important part of its history because it becomes the largest and second largest bank in Europe and world respectively with the headquarters in Zurich and Basel.
Swiss Banking
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Swiss banks are regulated by Swiss Financial Market Supervisory Authority, a public law institute which supervises the bank related activities. The major banks serving in the country includes UBS, Credit Suisse, Swiss National Bank (Central Bank) and other privates and cantonal banks. With the advancement of technology, the Swiss banks are also very much concerned about the electronic banking system.
There were no strict laws which protect the secrecy of the bank although the tradition of banking secrecy in Switzerland was prevailed since 5th century. But in later eras the bank secrecy laws were included in Article 47(b) of Swiss Banking Law of 1934 for a better legacy in the banking system and in order to protect the secrecy of the clients.
For UBS, the bank secrecy is extending to its clients from abroad and East Asian countries like Singapore, Hong Kong and others. However in March 2009, due to the pressure from OECD and G20 nations the Swiss government has abolished the tax evasion and tax fraud norms applied to several dealings with foreign clients. You can also review the available news and other resources for more information on changes made to the bank secrecy rules etc.
Swiss Bank Account
Swiss bank accounts are the account offered by the banks in Switzerland. They also allow the foreigners to open an account with several banks located within the country. Every client having account with any Swiss bank are liable to protect their privacy according to the bank secrecy laws and rules. However the Swiss government has made some changes on these rules for the foreigner those who are practicing tax evasion.
They offer several types of account but the numbered accounts are available with more advantages and benefits than the others. The numbered account works with greater privacy and secrecy which is based on certain number format.
The interest rates of Swiss bank account are varied and depend on the currency associated with the account. Those foreign clients having Swiss bank account are required to deposit and maintain certain minimum balance according to the requirement of the concerned bank. For further details about the interest rates, fees, commission and claims, you can refer the disclosure provided by the concerned bank.
The US citizens cannot open Swiss bank accounts until and until he or she does not possess the financial no dues certificate from IRS department or any legal document discussing the matters. Therefore before opening your account, the people from USA are required to possess such documents and certificates.
If you are wondering about how to open Swiss bank account or others, you can visit the following website.
http://swiss-bank-accounts.com/
For further detailed information on Swiss Bank Account, storage, jobs and reports, just log on to the website of the respective bank or if you are interested only on UBS, you can visit the following website.
Website: http://www.ubs.com
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