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UBS also entered the life insurance business in 1993 establishing UBS Life. UBS formed a joint venture with Swiss Life in 1995, known as UBS Swiss Life. UBS took a 25% ownership position in Swiss Life in exchange for a 50% share in the joint venture. [5] UBS entered the 1990s clearly the largest and most conservative of the three large Swiss Banks.
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.
Due to their size and complexity, UBS and Credit Suisse are subject to an extra degree of supervision from the Federal Banking Commission. [ 80 ] As of 2023 [update] only one in five Swiss people banks with either UBS or Credit Suisse, but most Swiss prefer one or the other.
UBS CEO Sergio Ermotti has taken on a challenge unprecedented in the history of global banking, and the stakes for him, the bank and global financial markets are sky-high. He’s leading the ...
In 2008, the U.S. Federal Bureau of Investigation began probing a multimillion-dollar tax evasion case involving UBS due to disclosures made by Brad Birkenfeld, a former UBS banker in Switzerland, who was arrested entering the United States and cooperated with the US Department of Justice, the US Securities and Exchange Commission, and the US ...
UBS made a hefty loss in the first full quarter since it closed a deal to rescue Credit Suisse, highlighting the scale of the challenge the bank faces as it absorbs its stricken rival.
ZURICH (Reuters) -A top Swiss court on Wednesday acquitted Credit Suisse, now part of UBS, of failing to prevent money laundering by a Bulgarian cocaine trafficking gang, overturning a 2022 ...