Switzerland has long enjoyed an excellent reputation for banking, finance and wealth management services.This content was published on August 9, 2006 - 10:38
Thanks to long-term security, a stable currency, a central position in Europe and banking secrecy - codified in a 1934 law - Switzerland has long enjoyed an excellent reputation for banking and finance, and wealth management services. Swiss financial institutions manage a third of the world's offshore savings, or around ten per cent of all savings. UBS and Credit Suisse are the country's two biggest banks, but Switzerland also specialises in private banking, contributing to the country's image as a financial centre. The Swiss must however compete with other nations seeking to grab a share of the business.
6% of all Swiss employees work in the financial sector, or more than 200,000 people.
SFr4,300 billion have been deposited by clients in Switzerland's banks according to the Swiss National Bank, with almost 60 per cent coming from foreign clients.