Banking in Switzerland
The Swiss banking system is one of the most important in the world. His reputation is based on the political and economic stability of Switzerland and on the main activity of asset management (English Wealth Management ) and the comparatively conservative and sustainable investment.
Critics accuse the bench Switzerland, he favors by Swiss banking secrecy money laundering and tax evasion. To counteract this bad reputation in 1998 adopted an anti-money laundering law in Switzerland. As early as 1991, the banks of the Swiss Federal Banking Commission ( SFBC) were required to identify the beneficial owner of the account with all new account openings and for all existing accounts.
Importance of the banking sector and the financial center of Switzerland
The entire financial sector ( including insurance) rendered in 2009, 11 percent of Switzerland 's gross value added ( CHF 59.1 billion ). Of this, the banking sector contributed CHF 35.9 billion to create value, which corresponds to a share of 6.7 percent of gross domestic product. The domestic workforce in the banking sector in 2009 was at 135'900 people. Invested assets in Switzerland in 2009 amounted to CHF 5,600 billion, of which CHF 3,000 billion, about 54 percent, to foreign customers. In the cross- border wealth management business in Switzerland with a market share of 25 percent of the world market leader.
The various bank groups
The Swiss banks can be broadly divided into six groups, these are to big banks, Raiffeisen banks, cantonal banks, regional banks and savings banks, stock exchanges, securities, asset management, banks and private banks as well as foreign-controlled banks. In addition, there are several, sometimes also known banks that have found their own place in the industry and PostFinance, which indeed has no banking license, a division of Swiss Post but in retail banking has a very strong position.
The two big banks UBS and Credit Suisse are the largest banking groups in Switzerland and among the largest in the world. They occur as a globally active universal banks. Unlike many foreign institutions they are even in the domestic retail banking across the country, the most weighty, even if regionally especially the Raiffeisen banks and cantonal banks have a higher market share. Over time, both UBS and Credit Suisse as some quite traditional banks have taken over and dissolved in their own corporations or reorganized to specialized units and integrated.
Raiffeisen banks
The 316 independent Raiffeisen banks are jointly and severally together in Raiffeisen Switzerland, they adhere to each other in their frames. Raiffeisen Switzerland coordinates the activities of the group, creates the conditions for the local Raiffeisen banks (eg IT, infrastructure, refinancing ) and advises and supports them in all matters. The field of activity of the Raiffeisen banks traditionally lies in the local retail banking and lending to local small and medium enterprises. Raiffeisen Switzerland is the third largest banking group in Switzerland.
Cantonal
Taken together, the cantonal banks would form the third largest banking group in Switzerland. However, unlike the Raiffeisen banks, the cantonal banks do not form a banking group, but are legally and economically independent and absolutely partly competing ( Competing ) banks. Its field of action is traditionally in retail banking and banking for small and medium-sized enterprises within the own Canton area. Individual cantonal banks, such as the Zürcher Kantonalbank and Banque Cantonal Vaudoise have extended their field of activity in asset management and investment banking and created so important additional source of revenue. Zürcher Kantonalbank is by far the largest cantonal bank and accounts for about a quarter of the total assets and the number of employees from all cantonal banks. Zürcher Kantonalbank, making it the fourth largest bank in Switzerland.
Regional banks and savings banks
Of the 64 regional banks and savings banks such as Raiffeisen banks have similar number joined together in a group, the RBA Group. The 37 affiliated regional banks are indeed an independent legal entity, as shareholders of RBA -Holding AG to form economically, however, a group. The area of activity of regional banks is also traditionally the local retail banking. In addition to the merged in the RBA Group Regional banks and savings banks, there are also some independent, the largest among them is the strong regional Hypothekarbank Lenzburg.
Exchange, securities, asset management banks
The Swiss stock exchange, securities, asset management banks and private bankers have up over 250 years of tradition and are considered the true fathers of the Swiss financial center. This can now be divided into two groups. On the one hand, the actual private bankers, not forming a society but today are still as private bankers working and stick with their good reputation and the total private wealth. The two by far the largest among them are Pictet & Cie and Banque Lombard Odier & Cie, which, as measured by assets under management of CHF 420 billion and CHF 180 billion, behind UBS and Credit Suisse 's third - or behind Julius Baer the fifth largest asset managers in Switzerland are. On the other hand, the private banks that were originally also private bankers, were transformed into a society over time. By far the biggest among them is the traditional Julius Baer, which, as measured by assets under management of CHF 406 billion, the fourth largest asset manager and measured by total assets, the eighth largest bank in Switzerland is.
Foreign banks
On the bench Switzerland also several foreign banks have established, often by opening a branch of its own, through the acquisition of an existing bank or by establishing a separate subsidiary. The Branches of foreign banks are financially and legally has no separate legal personalities in Switzerland, but are subject to their parent companies. The foreign-controlled banks are mostly active in asset management and investment banking and have their seats especially in Zurich or Geneva, where they play an important role in the financial center of Switzerland. The two largest in the group of Other banks, which include the foreign-controlled banks are HSBC Private Bank ( Suisse) SA and BNP Paribas ( Suisse) SA, as measured by the total assets of CHF 58.3 billion, or 38.5 billion, the fifth and sixth largest bank in Switzerland. With a share of 17 percent of the foreign banks are behind the big banks but before the Cantonal the second largest employer in the banking industry.
Other banks
In addition to these groups banded banks, there are several more, some of them have created their own niche. As examples, which is active in retail banking Migros Bank, a subsidiary of the largest retail group Migros, which is also active in retail banking Bank Coop, at the Basler Kantonalbank is the majority shareholder today, but previously was a subsidiary of the second largest retail group Coop, in the asset management and credit card business operating Cornèr, the cooperative WIR Bank or the banks operating according to ecological and social principles alternative Bank Switzerland and Free Community Bank.
PostFinance as a special case
In contrast to the German postal bank PostFinance is not a bank but merely a division of Swiss Post. The absence of a banking license to the field of activity of PostFinance limited to its traditional main area, the national and international payments and related services, as well as on the distribution of individual banks created in cooperation with financial services or products. Nevertheless, PostFinance positioned as number five among the retail financial institutions.
[Note: The PostFinance get an official banking license in the spring of 2013 and is part of its transformation into a public limited company the regular FINMA supervision ( 2nd / 3rd quarter 2013) ]
The largest banks in Switzerland
The table shows the largest banks in Switzerland, respectively measured by various indicators by the end of 2008. Besides the eight largest banks by total assets the table also includes the banks that rank each measured on invested assets, equity, or the number of employees among the largest eight.
1 All figures for 2008 at the group level, including subsidiaries 2 Private Bankers publish generally not aware of any figures, so total assets, equity and net profit