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On the eve of World War II, UBS was the recipient of a large influx of foreign funds for safekeeping. During the war, the bank's traditional business fell off and the Swiss government became their largest clients. [2] Still, unlike many of its peers, UBS's business lagged through much of the war. [2]
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 ...
In return, the Allies waived further claims against the Swiss National Bank, whose activities during the war, in particular the purchase of German looted gold, were controversial. Switzerland would also be required to register the German assets blocked in Switzerland from February 16, 1945 and to liquidate the assets held in Switzerland by ...
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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 ...
In 1997, Meili illegally disclosed to third parties that Swiss bank Union Bank of Switzerland (UBS) was destroying documentation of Holocaust-era assets. After a federal arrest warrant, a set of fines, and death threats were issued to him, Meili fled Switzerland to the United States by right of asylum in late 1997, returning to his home country ...
The onset of World War I put a hold on much of the bank's development. Although SBC survived the war intact, it suffered the loss of its investments in a number of large industrial companies. [3] Nevertheless, the bank surpassed CHF 1 billion for the first time at the end of 1918 and grew to 2,000 employees by 1920. [4]
The problem, he said, is that “war will break these values. “There is an inherent contradiction between the warrior code, how these guys define themselves, what they expect of themselves – to be heroes, the selfless servants who fight for the rest of us – and the impossibility in war of ever living up to those ideals.