{"id":1442,"date":"2023-03-13T07:30:00","date_gmt":"2023-03-13T06:30:00","guid":{"rendered":"https:\/\/ggba.swiss\/whyswitzerland\/banks-in-switzerland\/"},"modified":"2024-04-17T09:09:12","modified_gmt":"2024-04-17T07:09:12","slug":"banks-in-switzerland","status":"publish","type":"post","link":"https:\/\/ggba.swiss\/en\/banks-in-switzerland\/","title":{"rendered":"Banks in Switzerland"},"content":{"rendered":"\n

A brief description of Swiss financial center<\/h4>\n\n\n\n

Switzerland is a prime location for companies and individuals looking to invest their money safely. It has many financial institutions, including the large international bank UBS<\/a>, as well as smaller private banks offering specialized services such as commodity trade finance. In addition, the 24 cantonal banks<\/a> account for about a third of the country’s business and are guaranteed by the federal government. Switzerland also attracts foreign banks, with nearly 86 foreign banks (or branches)<\/a> operating in the country. The country is particularly renowned for its professional wealth management, with global leadership in cross-border wealth management as of 2018.<\/p>\n\n\n\n

A multifactorial stability<\/h4>\n\n\n\n

The success of the Swiss financial center is the result of a combination of many factors. First of all, the country’s political and macroeconomic stability appears to be a prerequisite for gaining client confidence in the financial sector. This stability attracts investors who seek to avoid the risks associated with political uncertainties.<\/p>\n\n\n\n

The Swiss franc<\/a> also contributes to the stability of the Swiss financial center. The Swiss National Bank<\/a>, which is responsible for maintaining price stability, uses various monetary policies to achieve this goal, including adjusting interest rates and intervening in the foreign exchange market.<\/p>\n\n\n\n

Finally, market participants can manage assets and risks profitably and diversify internationally thanks to a highly globalized network and efficient financial infrastructure.<\/p>\n\n\n\n

Banking system\u2019s supervision<\/h4>\n\n\n\n

Compared to other countries, the Swiss banking system has relatively few obstacles and regulatory constraints. A license is required to open a bank, trade professionally in securities, manage funds, and in some cases, operate as an asset manager. For information on the requirements to be met, it is necessary to consult the website of the Swiss Financial Market Supervisory Authority<\/a> (FINMA). FINMA is a Swiss public law corporation that supervises more than 500 financial institutions. Its role is to protect the clients of the financial markets, namely creditors, investors, and insureds. Through this supervision, it reinforces confidence in the proper functioning, integrity, and competitiveness of the Swiss financial center. However, the Swiss legislature encourages FINMA to promote self-regulation and to give it the necessary space. Therefore, the rules are proposed by the Swiss Bankers Association<\/a> among others, and FINMA is then in charge of approving and imposing them.<\/p>\n\n\n\n

All banks in Switzerland must be licensed. The supervisory standards applied to refer not only to the adequacy of the banks’ equity and capital base but also to the full range of prudential and ethical rules to be observed.<\/p>\n\n\n\n

In the event of a concrete complaint about a bank based in Switzerland, clients can contact the Swiss Banking Ombudsman<\/a>, a neutral and free information and mediation body.<\/p>\n\n\n\n

Services offered by Swiss banks<\/h4>\n\n\n\n

Banks in Switzerland offer a wide range of financial products and services to individuals and companies. Since the Swiss banking system is based on the universal banking model, all banks can offer a full range of banking services. Here are some examples of areas of application:<\/p>\n\n\n\n