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Swiss Banks |
| The Federal Banking Commission regulates the Swiss Banks that are well known for its efficiency, stability and also safeguarding of the information of customers. The Swiss Banks have contributed greatly towards stabilizing the economy of the country with their funds, both domestic as well as offshore (funds from outside Switzerland). The history of the banking sector in Switzerland testifies the fact that banking jobs in the country accounts to over 5% of the total work force of the country and there are about 408 authorized banks and security dealers in the country. |
Major Swiss Banks:
Out of the many Swiss banks, Credit Suisse and UBS AG are the largest. These banks are located in nearly every city of Switzerland and even in several other global cities. The headquarters of UBS AG is located in Zurich and Basel and the main office of Credit Suisse is located in Zurich. Both the banks together, account for over 50% of deposit in the country.
The Swiss National Bank acts as the central bank in Switzerland that was founded way bank in 1906. The cantonal banks, private investors as well as the cantons hold its shares with absolutely no say of the federal government. Opening an account in a Swiss Bank requires all the paper work and documents to be submitted by an individual, as in the other banks. An account in any of the Swiss banks cannot be opened unless a legal document is signed to reiterate the fact that the holder has no outstanding financial obligations.
The various private banks as well as the cantonal banks all form the significant elements of Swiss Banks. Any manipulation in the accounts or tax evasions or fraud is strictly monitored by the authorities thereby striving to sustain its world class reputation and also offer a great banking experience to its customers.
There are several myths that are associated with the Swiss banks. These myths have made these banks non- accessible for the common man. However, clearing the myths will open up several options for the customers belonging to a distinct country to also come forward to use the banking services of the Swiss banks. Some of the major characteristics of these banks are:
- With options to even hold no balance accounts, Swiss banks are not just for a select few, but for all.
- Closing a Swiss Bank account is not an inconvenient job at all as it does not require any penalties etc to be taken care of at the time of closing the same.
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