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What Are Banks In Switzerland?
If we talk about a wealthy nation, Switzerland is one of the few countries in Europe that stands out. Switzerland is among the top countries in Western Europe, with a higher per capita Gross Domestic Product. Even the Swiss Franc (CHF) value has been quite stable compared to other currencies.
According to Moody’s Investor Service, Switzerland’s banking system is stout because the operating conditions are so good. of the good operating conditions. They offer high privacy and security along with low risk due to strict Swiss law regarding matters of information disclosure. The only challenge of the Swiss banking system is a low-interest rate and inflation in the housing price.
Banks In Switzerland Explained
The biggest banks in Switzerland are globally famous for many reasons which include high levels of security and privacy but and low risk. They have some very good features that helps them to give then the above-mentioned benefits to the customers. They also provide special offers to customers from time to time at very affordable prices.
It is difficult to compile a list of best banks in Switzerland because each of them fall in that catagory. The Swiss law is very strict regarding information disclosure policies of the banks, which can be done only with proper permission from depositors.
In 2009, the financial sector of Switzerland employed 195,000 people. However, biggest banks in Switzerland engaged only engaged 135,000 people only in the sector. In the same year, the financial sector amounted to 11.6% of total GDP, and 5.6% of the workforce was employed in the financial industry.
The Hargreaves Lansdown provides access to a range of investment products and services for UK investors.
Structure
The most important aspect of top banks in Switzerland is its financial authority, The Swiss Financial Market Supervisory Authority (FINMA), which controls and regulates the whole banking system in Switzerland.
Two banks have acquired more than 50% of the country's total deposits. These banks are UBS and Credit Suisse.
Other than that, top banks in Switzerland can be divided into a few categories – foreign banks, private banks, big banks, cooperative banks (Raiffeisen group), and cantonal banks. Cantonal banks are government-owned commercial banks that amount to around 30% of total banks in Switzerland.
Digital Banking In Switzerland
Switzerland's digital banking landscape combines traditional banking services with advanced technology, emphasizing security, privacy, and financial stability. It is characterized by a combination of traditional banking strengths and emerging digital innovations. Established Swiss banks are gradually embracing digital transformation, offering online banking services and mobile apps to cater to tech-savvy customers. Additionally, the country sees the rise of digital-only banks, known as neobanks, which provides streamlined and customer-centric banking experiences. Switzerland's reputation for financial stability and data privacy remained an essential pillar of its digital banking sector.
List Of Top 11 Banks
Let us look at the top 11 best banks in Switzerland.
- Revolut
- UBS Group
- Credit Suisse
- Raiffeisen Switzerland
- Zurich Cantonal Bank
- Julius Baer Group
- Banque Cantonale Vaudoise
- EFG International
- Basler Kantonalbank
- Luzerner Kantonalbank
- Galler Kantonalbank
Let us look at names of banks in Switzerland and learn about them in detail.
#1. Revolut:
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#2. UBS Group AG:
UBS Group AG was established in 1862, around 160 years ago. Its headquarter is situated in Bahnhofstrasse 45, Zurich. As of 2020, it had total assets of $3.49 trillion. About 71,551 people work here. It is a public company, and it merged with PaineWebber in 2000. In 2020, the of UBS was $32.39 billion. In addition, it had total equity of $59.4 billion in 2020.
#3. Credit Suisse:
Credit Suisse was founded in 1856, around 166 years ago. Its headquarter is located in Zurich. In 2020, it had total assets of CHF 892.995 billion. At the end of 2019, about 47,860 people worked here. Credit Suisse focuses on investment banking, asset management, and private banking. At the end of 2022, its total asset under management was CHF 1.3 trillion.
After the COVID-19 pandemic, the bank underwent restructuring to increase efficiency and control cost. However, on February 9, 2023, the bank reported a loss of CHF 7.3 billion, which, according to the bank’s report, is due to weak financial control and reporting. Furthermore, its share prices dropped drastically after Saudi National Bank withdrew its financial support plans to rescue Credit Suisse. Thus, on Mar 19, 2023, UBS announced that an acquisition deal had been finalized for US $3.25 billion to save the bank.
#4. Raiffeisen Switzerland:
Raiffeisen Switzerland is the third top bank in Switzerland after UBS and Credit Suisse. It is a cooperative bank. It has been serving around 3.8 million customers, of which 1.9 million are cooperative members or co-owners of Raiffeisen. The group has more than 1004 branches in Switzerland. And it has around 292 cooperatively structured banks. This cooperative bank is also one of the members of the International Raiffeisen Union (IRU).
#5. Zurich Cantonal Bank:
Zurich Cantonal Bank was established in 1870, around 152 years ago. Its headquarter is situated in Bahnhofstrasse 9, Zurich. At the end of 2014, it had total assets of CHF 156.50 billion. Around 4825 people work here. The focus of this bank is to provide services like commercial banking, retail banking, private equity services, investment management, and investment banking. At the end of 2014, the operating income of this bank was CHF 1935.22 million. It had a net income of CHF 647.50 million in the same year.
#6. Julius Baer Group:
Julius Baer Group was founded in 1890, around 132 years ago. Its headquarter is located in Zurich. At the end of 2021, it had total assets of CHF113.578 billion. About 6,667 employees are employed here. The focus of Julius Baer Group is on wealth management and private banking. At the end of 2013, the revenue of this bank was CHF 2.195 billion. In addition, it had total equity of CHF6.725 billion in 2021.
#7. Banque Cantonale Vaudoise:
Banque Cantonale Vaudoise was established in 1845, around 177 years ago. Its headquarters is located in Lausanne. At the end of 2018, it had total assets of CHF 47.8 billion. Around 1,896 people are employed in the bank. The specialty of this bank is that this bank is part of 24 cantonal banks that serve 26 cantons of Switzerland. In addition, it has a branch in Guernsey. Unfortunately, it does not have any state guarantee for its liabilities.
#8. EFG International:
EFG International was founded in 1995, around 27 years ago. But, compared to other banks, it is a new bank in Switzerland. EFG International headquarters are in Zurich. At the end of 2020, it had total assets of CHF 40.637 million. Around 3,073 people work here. Its main focus is on private banking. At the end of 2020, the operating income of this bank was CHF 1.130 billion. In addition, it had total equity of CHF 1.758 billion in the same year.
#9. Basler Kantonalbank:
Basler Kantonalbank was established in 1899, around 123 years ago. It has over 49 branches across Switzerland. At the end of 2017, it had total assets of CHF 24085 million. It employed about 1,284 people in the bank in 2015. The specialty of this bank is that this bank is part of 24 cantonal banks that serve 26 cantons of Switzerland. It has a full state guarantee of state liabilities. It had an operating income of CHF 1160.09 million at the end of 2017.
#10. Luzerner Kantonalbank:
Luzerner Kantonalbank is one of the most significant cantonal banks in Switzerland. Luzerner Kantonalbank has a market share of 50%-60%. It was established in 1850, around 172 years ago. Its headquarters is located in Luzern. At the end of 2014, it had total assets of CHF 29381.43 million. About 948 employees are employed in the bank. It had an operating income of CHF 451.61 million at the end of 2014.
#11. Galler Kantonalbank:
Galler Kantonalbank in Switzerland was founded in 1868, around 154 years ago. It is a joint-stock company. At the end of 2016, it had total assets of CHF 32.2 billion. About 1227 employees have been employed here. It is a universal bank. And its main focus is on private banking, corporate finance, real estate financing, and standardized banking services. This bank is the sixth largest cantonal bank in Switzerland.
Thus, the names of banks in Switzerland which come under the top 10 are mentioned above in detail.
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