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Postfinance Ltd (own spelling PostFinance) is a subsidiary company of the state-owned Swiss Post, [3] whose foundations date back to the early 20th century as the financial services department of Swiss Post. [4] Postfinance is active in retail banking and business client business and as such is one of the largest Swiss financial institutions. [5]
Switzerland has a large economy and highly skilled labor force. Fifteen Swiss companies are included on Fortune's "Global 500" list (in 2011).As of 2018 the largest non-financial companies in terms of annual revenue were Glencore, Vitol and Trafigura, with Nestlé as the largest employer.
In November 2013, the Zürcher Kantonalbank was classified as a systemically important bank in Switzerland by order of the Swiss National Bank (SNB), alongside UBS, Credit Suisse, Raiffeisen (Switzerland) and PostFinance, and must meet stricter capital requirements and prepare contingency plans for times of crisis. [23]
In the 1990s, several cantonal banks attempted to increase growth outside of their local and cantonal state borders. The expansion strategy of the BCV during this period with Greece and Hong Kong resulted in billions of dollars in losses.
The Swiss National Bank (SNB; German: Schweizerische Nationalbank; French: Banque nationale suisse; Italian: Banca nazionale svizzera; Romansh: Banca naziunala svizra) is the central bank of Switzerland, responsible for the nation's monetary policy and the sole issuer of Swiss franc banknotes.
Bern (Swiss Standard German: ⓘ), or Berne (French: ⓘ), [note 1] is the de facto [note 2] capital of Switzerland, referred to as the "federal city". [note 3] [3] With a population of about 133,000 (as of 2022), Bern is the fifth-most populous city in Switzerland, behind Zürich, Geneva, Basel and Lausanne. [4]