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UBS Group AG [nb 1] is a multinational investment bank and financial services company founded and based in Switzerland.Headquartered simultaneously in Zürich and Basel, [9] it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world.
Union Bank of Switzerland (UBS) [a] 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 .
UBS Group AG (including Credit Suisse) Domestically systemically important ... From 2008 to 2017 there was a reduction in the number of foreign banks in Switzerland [3]
This was dialled as +41 75 from outside Switzerland and Liechtenstein). [9] However, on 5 April 1999, it adopted its own international code +423. [10] Consequently, calls from Switzerland now require international dialling, using the 00423 prefix and the seven-digit number. [11]
UBS expects to shed around 3,000 jobs in Switzerland to help it cut $10 billion in costs as it undertakes a sweeping overhaul following its emergency rescue of Credit Suisse earlier this year.
The bank acquired Bank Leu, known as Switzerland's oldest bank, in 1990. [40] [41] In 1993 Credit Suisse outbid UBS for a controlling stake in Switzerland's fifth largest bank, Swiss Volksbank in a $1.1 billion deal. [42]
The combined UBS logo incorporated UBS's name with SBC's "three keys" symbol. On December 8, 1997, Union Bank of Switzerland and SBC announced an all-stock merger. At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively, both trailing Credit Suisse. [37]
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]