 Bank in Winterthur's headquarters in Winterthur, Switzerland, c. 1862 | |
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | 1862 |
| Founders | |
| Defunct | 1912 |
| Fate | Merged with Toggenburger Bank to form Union Bank of Switzerland |
| Headquarters | Winterthur, Switzerland |
The Bank in Winterthur is one of the original predecessor banks to the Union Bank of Switzerland and ultimately UBS. Established in 1862, the bank merged with Toggenburger Bank in 1912 to form the Union Bank of Switzerland. [1]
The Bank in Winterthur was founded in 1862 in Winterthur, Switzerland with an initial share capital of 5 million CHF. [2] [3] The bank, which was established by a group of local businessmen, operated primarily as a commercial bank, providing financing for a range of companies and projects. The bank would be involved in funding the Swiss Locomotive and Machine Works, the Hotel Baur au Lac in Zurich and many other companies. [2] The bank capitalized on its location at an important Swiss railroad junction and its large warehousing facilities allowed the bank to take advantage of the dramatic rise in cotton prices caused by the American Civil War. The Bank in Winterthur saw its share capital double by the end of the war. [4]
In the mid-1880s, The Bank in Winterthur experienced financial difficulties. The bank's involvement in the financing of the ill-fated private Schweizerische Nationalbahn (Swiss National Railway) resulted in the loss of one-fifth of the bank's capital reserves in 1887. [2]
The Union Bank of Switzerland was formed in 1912 when the Bank in Winterthur merged with the Toggenburger Bank. The combined bank had total assets of 202 million CHF and a total shareholders' equity of 46 million CHF. [2] This combination was part of a larger trend toward concentration in the banking sector in Switzerland at the time. Through the next few years, the bank would begin to shift its operations to Zurich from its historical headquarters in the cities of Winterthur and St. Gallen, Switzerland. In 1917, UBS completed construction of a new headquarters in Zurich on Bahnhofstrasse, considered to be the Wall Street of Switzerland. [3]
The new bank used different names in its three core languages: German, French and English. In German, the bank was Schweizerische Bankgesellschaft and was known by the initials SBG. The original English name for the combined bank was the Swiss Banking Association, but it was later changed to Union Bank of Switzerland in 1921 to mirror the French form of the name: Union de Banques Suisses. The bank's logo, introduced in 1966, would later reflect both the German SBG and the English and French name UBS. [3]
Union Bank of Switzerland (UBS) was a Swiss investment bank and financial services company located in Switzerland. The bank, which at the time was the second largest bank in Switzerland, merged with Swiss Bank Corporation in 1998 to become UBS. This merger formed what was then the largest bank in Europe and the second largest bank in the world.
Banking in Switzerland dates to the early 18th century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Banking is seen as emblematic of Switzerland. The country has a long history of banking secrecy and client confidentiality reaching back to the early 1700s. Starting as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of a landmark federal law, the Federal Act on Banks and Savings Banks. These laws, which were used to protect assets of persons being persecuted by Nazi authorities, have also been used by people and institutions seeking to illegally evade taxes, hide assets, or generally commit financial crime.
Swiss Bank Corporation was a Swiss investment bank and financial services company located in Switzerland. Prior to its merger, the bank was the third largest in Switzerland, with over CHF 300 billion of assets and CHF 11.7 billion of equity.
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The Polybahn, also known as the UBS Polybahn, is a funicular railway in the city of Zürich, Switzerland. The line links the Central square with the terrace by the main building of ETH Zürich, which was formerly called Eidgenössisches Polytechnikum, and from which the railway derives its name. Previous names for the line include the SBG Polybahn and the Zürichbergbahn. The line is owned by the banking group UBS AG, and operated on their behalf by the municipal transport operator Verkehrsbetriebe Zürich.
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Ulrich Körner is a German-Swiss businessman. In March 2021, he was named CEO Asset Management of Credit Suisse until July 2022, when he was appointed CEO of Credit Suisse AG.
The Swiss Central Railway was one of the five major private railway companies of Switzerland. The SCB with a track length of 332 kilometres was integrated into the Swiss Federal Railways (SBB) in 1902.
The Swiss Northeastern Railway was an early railway company in Switzerland. It also operated shipping on Lake Constance (Bodensee) and Lake Zürich. Until the merger of the Western Swiss Railways into the Jura–Simplon Railway (JS) in 1890/91, it was the largest Swiss railway company.
The United Swiss Railways was a former railway company in Switzerland. It was the smallest of the five main railways that were nationalised from 1902 to form the Swiss Federal Railways.
UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Headquartered in Zürich, it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world. UBS client services are known for their strict bank–client confidentiality and culture of banking secrecy. Because of the bank's large positions in the Americas, EMEA and Asia Pacific markets, the Financial Stability Board considers it a global systemically important bank.
Toggenburger Bank is one of the original predecessor banks to the Union Bank of Switzerland and ultimately UBS. Established in 1863, the bank merged with the Bank in Winterthur in 1912 to form the Union Bank of Switzerland.
Dr. Rudolf Ernst of Winterthur was a Swiss Industrial, Insurance, Banking Pioneer and founding father of UBS. He was also the first CEO and Chairman of the Board of Directors of the Union Bank of Switzerland, now UBS. Following his retirement, at age 77, he was elected Honorary Chairman of the Union Bank of Switzerland for life, but remained on the Board of Directors until 1953, when he retired at age 87.<SBG/UBS Commemorative Book 1862 1912 1962>
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