Ubs Client Agreement

Ubs Client Agreement

In January 1997, Christoph Meili, night watchman of the Union Bank of Switzerland (forerunner of UBS) in Zurich, publicly announced that bank agents were destroying documents on orphaned assets, considered assets of German and Jewish Nazi clients during World War II. [201] Shortly thereafter, the Zurich authorities opened legal proceedings against Meili for alleged violations of Swiss banking secrecy. [210] Following the filing of a $2.56 billion complaint against UBS and other Swiss banks on behalf of Jewish victims of the Holocaust, an agreement totalling $1.25 billion was reached in August 1998. [211] [212] UBS`s Personal and Corporate Banking division provides financial products and services to Den Einzelhandel[41] Corporate and institutional clients[42] in Switzerland. [28] In addition, it provides the group with stable and substantial revenue prospects for companies within the bank. [28] UBS claims a leading position in the Swiss retail and corporate lending market; In fact, it serves one of the three pension funds, more than 85% of the 1,000 largest Swiss companies and 85% of the banks established in the country. [28] In 2015, 2017 and 2018, the international financial magazine Euromoney named UBS “Best Domestic Cash Manager Switzerland”. [43] As of December 31, 2018, the loan portfolio was $131 billion. [44] [20] UBS has so far withdrawn from an unpopular policy with its financial advisors. But the struggle for control of the relationship with the client – the company or the consultant – will inevitably continue. UBS often cites Swiss culture – in particular its taste for privacy, security and neutrality – as the basis of its corporate culture. [201] Although banking secrecy began in the 1700s, Switzerland designed a series of banking regulations and statutes in the late 1800s and 1930s to protect and secure banks within their borders.

[202] The most important was the Federal Banking and Savings Banks Act, known as the “Banking Act of 1934.” [203] Federal law prohibits and criminalizes the disclosure and disclosure of information to third parties. [203] The bill was passed by the Federal Assembly to combat the confiscation of client property and information for reasons discussed by historians. [202] UBS, then known as the Swiss banking company, received large inflows of capital from Europe during the war for safe conservation. [204] From 1934 to 2008, more than two dozen Swiss banking statutes were drafted to strengthen bank secrecy at UBS Switzerland AG. [204] In 2018, Switzerland took first place in the Financial Secrecy Index alongside major Swiss banks such as UBS. [205] UBS was the largest asset manager in 23 of the top 25 countries in the 2018 Financial Secrecy Index. [205] Based in Switzerland, UBS Wealth Management operates in more than 40 countries with approximately 190 branches (including 100 in Switzerland). [28] By the end of 2018, Global Wealth Management employed approximately 23,600 people worldwide. [20] [29] In Switzerland, UBS Swiss Bank offers a comprehensive range of retail banking services including chequing, savings, credit card and personal mortgage products.

[36] They provide both cash management and commercial banking services to small businesses and corporate clients. [36] This site contains account agreements and other account information that we need to power all UBS customers online in a convenient location.

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