Financial crisis has triggered a wave of new regulations in Switzerland in the recent past. Besides stability for the overall economic system and customer protection, the ongoing reforms are a reaction to harmonize Swiss regulations with existing and future EU regulations and international restrictions. These changes in the regulatory framework have been coupled with a variety of legal developments, especially in international tax matters.
Banks in the Switzerland are facing a lot of pressure due to these legal and regulatory developments. These amendments have led to increased reporting burdens. Tough international capital and liquidity regulations have led to increased costs of a bank’s capital as well as long-term funding.
The following are the top Swiss Financial institutions:
CIM Bank is a private bank founded in Geneva in 1990. The bank serves private customers, institutions, and corporations around the world. Located in Geneva, Wollerau, CIM Bank has over 103 employees and controls Primorska Banka. The bank is engaged in asset management, online trading, investment banking, and wealth management. It is regulated by FINMA and also a member of the SIX Swiss exchange and Swiss Bankers Association.
- current accounts
- Deposits accounts
- Professional accounts
Vontobel is a privately owned Swiss bank headquartered in Zurich. It was established in 1936 with over 1400 employees globally. Vontobel Bank specializes in asset management for institutional investors and private customers, wealth management, and investment banking. Vontobel, with over 20 international branches, registered around CHF 187 billion of client assets as of 31 December 2015.
Migros Bank was founded in 1958 with over 67 branches in Switzerland. The bank was founded by Gottlieb Duttweiler. The bank registered a balance sheet of CHF 42 billion and an income of CHF 226 million in the last financial year.
The WIR Bank, which was formerly known as the Swiss economic Circle, is an independent complementary currency system serving businesses in manufacturing, construction, hospitality, professional, and retail services. WIR bank manages a private currency termed as the WIR Franc. The private currency is used in combination with the Swiss Franc to produce dual-currency transactions. However, the WIR Franc is an electronic currency in clients’ accounts, therefore, no paper money.
Alternative Bank Schweiz
Alternative Bank Schweiz, abbreviated ABS, is a sustainability-oriented financial institution headquartered in Olten, Switzerland. It was founded in 1990 by a number of organizations, various charities, and unions, for instance, World Wide Fund for Nature.
Union Bancaire Privee
Union Bancaire Privee was founded in 1969 by Edgar de Picciotto. The bank is one of the highly capitalized private banks in Switzerland with CHF 113.5 billion assets.