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UBS traces its history to 1862, the year when Bank in Winterthur, forerunner of Union Bank of Switzerland, was founded. [80] When Union Bank and SBC merged, officials originally wanted to name the merged company the "United Bank of Switzerland," but opted to call it simply UBS because of a name clash with the separate Swiss company United Bank ...
The bank further expanded into consumer lending through the acquisition of a series of Swiss financial businesses in 1969, including Banque Orca, Abri Bank Bern, Aufina Bank and AKO Bank. [7] UBS also began to intensify its overseas expansion. In 1967, UBS opened a full branch office in London, its first such office outside Switzerland.
The all-stock merger resulted in the creation UBS AG, a huge new bank with total assets of more than US$590 billion. [39] Also referred to as the "New UBS" to distinguish itself from the former Union Bank of Switzerland, the combined bank became the second largest in the world, at that time, behind only the Bank of Tokyo-Mitsubishi. [39]
Credit Suisse Group AG (French pronunciation: [kʁe.di sɥis], lit. ' Swiss Credit ') is a global investment bank and financial services firm founded and based in Switzerland as a standalone firm but now a subsidiary of UBS.
The 2007–2008 financial crisis affected Credit Suisse less than peers; [10] [11] while the Swiss National Bank, the central bank, rescued rival UBS after no private investor was willing to do so by purchasing $60 billion of toxic assets and $5.3 billion in shares of stock from UBS as a form of a capital infusion, Credit Suisse raised a far ...
UBS—the final bank prosecuted for its role in the 2008 global financial crisis—is paying $1.4 billion to stop the case going to trial. Chloe Taylor. August 15, 2023 at 11:31 AM.
UBS sees a 35% chance of a bubble forming in 2025, and highlights 5 stocks to buy to hedge risks. A laid back US central bank is the missing ingredient for a stock market bubble, according to ...
UBS Group AG building in St. Gallen.UBS maintains strict banking secrecy practices which have been used to facilitate tax evasion. The Swiss investment bank and financial services company, UBS Group AG, has been at the center of numerous tax evasion and avoidance investigations undertaken by U.S., French, German, Israeli, and Belgian tax authorities as a consequence of their strict banking ...