Union Bank of Switzerland is one of the most famous banks in the world. It’s not even a secret that some people choose to invest to open a bank account in the place. Because reportedly this bank has high security and provides maximum service to its customers. So do not be surprised if the customers of the bank come not only from the Swiss area but also from other countries in the world.
Of course, behind a large bank is stored long historical information about the performance and process of forming the bank. So it is interesting to know the background of the establishment of this bank in Switzerland before deciding to become one of its customers.
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Unfortunately, this kind of information is not easily available at various sources. Although there is some interesting information that can be obtained from certain sites such as Wikipedia, certainly getting a more digestible summary of the history will be more fun. Therefore, to provide an overview and preliminary information about the history behind the Union Bank of Switzerland, here are some further explanations.
The Beginning of the Union Bank of Switzerland
The first interesting thing that can be known about the Union Bank of Switzerland is what the beginning of the bank was. According to historical information listed on the Wikipedia website, the bank originated from the unification of Bank in Winterthur and Toggenburger Bank in 1912. This is the beginning of the operation of the bank in the Switzerland region.
From here, the bank is growing and spreading its wings through various acquisitions of other banks around the Swiss territory. So that without being felt through the acquisition, this bank which is located in Europe is growing better and serving more customers over time.
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It doesn’t just stop making acquisitions with banks in their home countries. But apparently, this bank is also stepping up to make acquisitions at existing banks in a number of other countries. Let’s call it an example of the acquisition of Chase Manhattan Bank in America in 1991. So this makes the big name of the bank become more audible around the world banking at that time.
The Merger with Swiss Bank Corporation
The big new move was apparently decided to be made by the Union Bank of Switzerland in 1998. The bank eventually decided to merge with The Swiss Bank Corporation. Of course, this makes the big name of the bank more known. In addition, it also helps to strengthen the bank’s financial condition optimally. So it is not surprising that this decision can have a positive impact on the bank in the future.
Basically, this merger was done as a result of financial difficulties experienced by the Union Bank of Switzerland. This is because there are times when this bank is not able to guarantee high enough profits for their customers. So that customer confidence and trust in this bank which is located in Switzerland has decreased.
Therefore, in an effort to restore the trust of customers, of course, support is needed from a well-known bank in Switzerland that is able to control the financial situation of this bank. So through a merger with Swiss Bank Corporation, it means that the shares of the two banks are also united on the floor of European stock exchanges. This, of course, has a positive impact on the bank’s financial strength.
By strengthening customer confidence and increasing the value of the bank’s shares in the stock market, of course, this has a good influence on the bank’s operations later. This helps the Union Bank of Switzerland avoid the risk of loss that had been threatened before.
Current Condition of Union Bank of Switzerland
Currently, of course, the Union Bank of Switzerland has much better and improved operations. Customer confidence is also growing along with the growth shown by the bank’s shares in the international exchange market. With the evidence of sound financial operations, of course, many entrust a number of investments to this bank.
Furthermore, does not stop there, but also this bank is able to provide a variety of services to its customers. Not limited to domestic only, but as previously said, it also serves many customers from various countries. Because it is proven that this bank is a bank that can be trusted to store a number of funds safely and comfortably.
With the trust of these customers, of course, this also indirectly helps increase the credibility and financial growth of the bank itself. The bank currently has hundreds of branches in Switzerland and is capable of serving more than 80 branches located around the world. So, of course, this bank is quite widely known globally and becomes a reference from many important customers in the world.
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That was some interesting information that can give a little picture of what history is the background to the formation of the Union Bank of Switzerland. Not only that, but the journey from the bank at the time has also been briefly explained above. So before deciding to invest or open a bank account in this bank, there is a little important picture that can be used as material for consideration later.