ubs group ag

 

  • [27] The UBS Investment Bank’s Offices at 299 Park Avenue in New York City UBS’s corporate structure includes four divisions in total as of June 2018:[30][31] • Global Wealth
    Management • Personal & Corporate Bank • Asset Management • Investment Bank Starting on 9 June 2003, all UBS business groups, including UBS Paine Webber and UBS Warburg, were rebranded under the UBS moniker following company’s start of operations
    as a unified global entity.

  • [77] Prior to the merger, Swiss Bank Corporation was considered to be further along than Union Bank of Switzerland in developing its international investment banking business,
    particularly in the higher margin advisory businesses where Warburg Dillon Read was considered to be the more established platform.

  • • Formerly: Union Bank of Switzerland (1862–1998); Type: Public (Aktiengesellschaft); Traded as: SIX: UBSG, NYSE: UBS, SMI component; ISIN: CH0244767585; Industry: Banking,
    Financial services; Predecessor: Union Bank of Switzerland, Swiss Bank Corporation; Founded: 29 June 1998; 24 years ago (through the merger of Union Bank of Switzerland and Swiss Bank Corporation); Headquarters: Paradeplatz, Zürich, Switzerland;
    Area served: Worldwide; Key people: Colm Kelleher (chairman), Ralph Hamers (CEO), Kirt Gardner (CFO)[1] ; Products: Investment banking, wealth management, private banking, investment management, asset management, corporate banking, retail
    banking, corporate banking, private equity, finance and insurance, retail banking, mortgages, credit cards; Revenue: US$34.6 billion (2022); Operating income: US$9.60 billion (2022); Net income: US$7.63 billion (2022); AUM: US$3.96 trillion
    (2022); Total assets: US$1.10 trillion (2022); Total equity: US$56.9 billion (2022); Number of employees: 74,022 (end 2022); Capital ratio: Tier 1 14.2% (2022); Rating: Standard & Poor’s: A+, Moody’s: Aa2, Fitch Ratings: AA- History UBS was
    founded in 1862 as the Bank in Winterthur.

  • [33] This business division constitutes a central building block of UBS’s universal bank delivery model in Switzerland and it supports other divisions, such as Investment
    Bank, by referring clients to them and by assisting them to build their wealth to a level at which they can be transferred to UBS Wealth Management.

  • Following decades of market competition between Union Bank of Switzerland and the Swiss Bank Corporation (SBC), the two merged in 1998 to create a single company known solely
    as “UBS”.

  • [33] UBS maintains a leading position in the retail and corporate loan market in Switzerland; in fact, it serves one in three pension funds, more than 85% of the 1,000 largest
    Swiss corporations and 85% of banks that resides within the nation.

  • [77] Following two major acquisitions in 1986 (Phillips & Drew and Deutsche Länderbank), UBS made its first purchase in the United States in 1991 with Chase Investors Management
    Corporation, the asset management business of Chase Manhattan Bank.

  • [113] Additionally, the merger pulled together the banks’ various asset management businesses to create the world’s largest money manager, with approximately US$910 billion
    in assets under management.

  • [49][25] With around 2,300 employees in 23 countries, UBS Asset Management is the largest mutual fund manager in Switzerland, a leading fund house in Europe, and one of the
    largest hedge funds and real estate investment managers in the world.

  • [76] The St. Gallen, Switzerland, offices of Swiss Bank Corporation c.1920 In 1992, SBC acquired O’Connor & Associates, a Chicago-based options trading firm and the largest
    market maker in the financial options exchanges in the U.S.[81] O’Connor was combined with SBC’s money market, capital market, and currency market activities to form a globally integrated capital markets and treasury operation.

  • [77] The Basel offices of Swiss Bank Corporation c.1920[78] SBC subsequently experienced a period of growth, which was only interrupted by the onset of World War I, in which
    the bank lost investments in a number of large industrial companies.

  • [41] Swiss Bank Corporation[edit] Main article: Swiss Bank Corporation Swiss Bank Corporation logo (c. 1973), featuring the three keys meant to symbolize confidence, security,
    and discretion UBS, through Swiss Bank Corporation, traces its history to 1854 when six private banking firms in Basel, Switzerland pooled their resources to form the Bankverein, a consortium that acted as an underwriting syndicate for its
    member banks.

  • [33] In February 2017, UBS Group AG and the Northern Trust Corporation, an American international financial services company, announced an agreement for the acquisition of
    UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland.

  • [107] Looking to take advantage of the situation, Credit Suisse approached Union Bank of Switzerland about a merger that would have created the second largest bank in the
    world in 1996.

  • [89] The Toggenburger Bank was founded in 1863 with an initial share capital of CHF 1.5 million,[76] and specialized as a savings and mortgage bank for individual customers,
    maintaining a branch office network in eastern Switzerland.

  • Despite its trimming of sell-side operations, UBS maintains a global investment bank and is considered a primary market maker.

  • [102] The bank’s investments had been in the conservative asset management and life insurance businesses; further, 60% of the bank’s profits came from its even more conservative
    Swiss banking operations.

  • [112] The merger resulted in the creation of UBS AG, a new bank with total assets of more than US$590 billion, the largest of its kind.

  • Prior to the merger with Swiss Bank Corporation, UBS purchased a group of smaller Swiss banks in 1994 including the Cantonal Bank of Appenzell-Ausserrhoden in 1996,[76] and
    in 1997 Schröder, Münchmeyer, Hengst & Co. from Lloyds Bank was acquired to improve access to the German investment banking and private wealth management markets.

  • [115][116] Union Bank of Switzerland had a stronger retail and commercial banking business in Switzerland, while both banks had strong asset management capabilities.

  • In fact, that was one of the more than 370 financial firms that have, since 1862, become part of today’s UBS.

  • [90] Although the bank suffered in the aftermath of World War I and the Great Depression, it was able to make several smaller acquisitions; in 1937 it established Intrag AG,
    an asset management business responsible for investment trusts, (i.e.

  • Shortly after the end of World War II, Union Bank of Switzerland completed the acquisition of the Eidgenössische Bank, a large Zürich-based bank that became insolvent.

  • [106] Martin Ebner, through his investment trust, BK Vision, became the largest shareholder in Union Bank of Switzerland and attempted to force a major restructuring of the
    bank’s operations.

  • [20] By 1854, six private bankers in Basel founded the Swiss Bank Corporation (SBC) to cater to the increasing credit needs of Swiss railroad and manufacturing companies.

  • [75] Although the merged company’s new name was originally supposed to be the “United Bank of Switzerland,” the officials opted to call it simply UBS because of a name clash
    with the separate Swiss company United Bank Switzerland – a part of the United Bank Limited’s Swiss subsidiary.

  • [105] Merger of Union Bank of Switzerland and Swiss Bank Corporation: 1998[edit] After the two banks merged, they became known solely as “UBS” while retaining the Swiss Bank
    Corporation’s “three keys” icon.

  • [83] The acquisition of S.G. Warburg & Co., a leading British investment banking firm, in 1995 for the price of US$1.4 billion signified a major push into investment banking.

  • This acquisition will facilitate the expansion of the Northern Trust Corporation into these two countries, turning the American company into the major fund administrator in
    the local markets and into one of the ten global leaders in the sector.

  • Following SBC’s later merger with Union Bank of Switzerland, the SBC part was dropped from the name; in 2000 when the new UBS got restructured the Dillon Read name was dropped,
    although it was brought back in 2005 as Dillon Read Capital Management, UBS’s ill-fated hedge fund operations.

  • Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private
    bank in the world.

  • [50] The 1998 UBS-SBC merger and subsequent restructuring resulted in the combination of three major asset management operations: UBS Asset Management, Phillips & Drew (owned
    by Union Bank of Switzerland), and Brinson Partners (owned by SBC).

  • As a result of the merger, Union Bank of Switzerland exceeded CHF 1 billion in assets and moved its operations to Zürich.

  • [101] The acquisition propelled Credit Suisse ahead of Union Bank of Switzerland as the largest bank in Switzerland for the first time.

  • [114] Colloquially referred to as the “New UBS” to distinguish itself from the former Union Bank of Switzerland, the combined bank became the second largest in the world at
    the time, behind only the Bank of Tokyo-Mitsubishi.

  • [80] During the war, the banks’ traditional business fell off and the Swiss government became their largest client.

  • As of May 2022, UBS is the third largest bank in Europe with a market capitalization of $63 billion.

  • [25][34] In Switzerland, UBS Swiss Bank provides a complete set of retail banking services that includes chequing, savings, credit cards, and mortgage products for individuals.

  • [77] In 1945, SBC acquired the Basler Handelsbank (Commercial Bank of Basel), which was one of the largest banks in Switzerland, but became insolvent by the end of the war.

  • [25] UBS is the leading provider of retail banking and commercial banking services in Switzerland, as established already in 2009.

  • UBS also formed a new area of business named Real Estate and Private Markets by combining their Global Real Estate and Infrastructure and Private Equity businesses.

  • [33][25] UBS Asset Management[edit] The entrance of UBS Tower at One North Wacker Drive, a 50-story skyscraper in downtown Chicago UBS Asset Management offers equity, fixed
    income, currency, hedge fund, global real estate, infrastructure and private equity investment capabilities that can also be combined in multi-asset strategies.

  • At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively.

  • [41] UBS global wealth management advisory operations in the Americas consists of U.S. and Canadian wealth management businesses, as well as international business booked
    in the U.S.[42] UBS Wealth Management in the U.S. is an outgrowth of the former Paine Webber brokerage business.

  • During the mid-1990s, Union Bank of Switzerland came under fire from dissident shareholders critical of its conservative management and lower return on equity.

  • [23] In 2012, the bank reoriented itself around wealth management advisory services and limited its sell side operations.

  • [81] In 1994, SBC acquired Brinson Partners, an asset management firm focused on providing access for U.S. institutions to global markets, for US$750 million.

  • [citation needed] The company’s global business groups are global wealth management, investment bank, asset management and personal & corporate banking.

  • S.G. Warburg & Co. had established a reputation as a daring merchant bank that grew to be one of the most respected investment banks in London.

  • [25] In November 2014, the shares in UBS Group AG were listed and started trading as a new holding company at the NYSE and SIX Swiss Exchange.

  • The Bank in Winterthur, founded in 1862 with an initial share capital of CHF 5 million, focused on providing financing for industry and other companies,[77][76] and had profited
    considerably from its close railroad connections and large warehousing facilities during the American Civil War when cotton prices rose dramatically.

  • [38][39] Additionally, UBS provides a broad range of securities and savings products that are supported by the firm’s underwriting and research activities as well as clients’
    orders management and execution and also clearing services for transactions originated by individual investors.

  • SBC remained among the Swiss government’s leading underwriters of debt in the post-war years.

  • [113] During the merger, UBS chairman Marcel Ospel originally wanted to call the company “United Bank of Switzerland”, but settled on simply using “UBS” following the acquisition
    of American brokerage firm, Paine Webber.

  • [77][110] On 8 December 1997, Union Bank of Switzerland and Swiss Bank Corporation announced an all-stock merger.

  • [32] Global Wealth Management[edit] UBS’s global wealth management advisory division offers high-net-worth individuals around the world a range of advisory and investment
    products and services.

  • [33] It also provides stable and substantial profits for the Group and revenue opportunities for businesses within the bank.

  • UBS opened branches and acquired a series of banks in Switzerland in the following years, growing from 31 offices in 1950 to 81 offices by the early 1960s.

  • [100] By 1962, Union Bank of Switzerland reached CHF 6.96 billion of assets, narrowly edging ahead of Swiss Bank Corporation to become the largest bank in Switzerland.

  • Based on regional deal flow and political influence, UBS is considered one of the “biggest, most powerful financial institutions in the world”.

  • Apart from private banking, UBS provides wealth management, asset management, and investment banking services for private, corporate, and institutional clients with international
    service.

  • [citation needed] In 1912, the Bank of Winterthur merged with Toggenburger Bank to form the Union Bank of Switzerland (UBS)[18] and grew rapidly after the Banking Law of 1934
    codified Swiss banking secrecy.

  • [58][25] With the aim to generate systematic products and services for clients, in 2017, UBS integrated Equities, Fixed Income and Solutions capabilities and hedge funds business
    within a new area named Investments.

  • [67][68] The American division also offers its own credit card not sponsored by another bank unlike many of its competitors.

  • [101] The rapid growth was punctuated by the 1967 acquisition of Interhandel, which made UBS one of the strongest banks in Europe.

  • [82][86] Two years later, in 1997, SBC paid US$600 million to acquire Dillon, Read & Co., a U.S. bulge bracket investment bank.

  • UBS U.S. wealth management headquarters at Lincoln Harbor in Weehawken, New Jersey With its headquarters in Switzerland, UBS Wealth Management is present in more than 40 countries
    with approximately 190 offices (100 of which are in Switzerland).

  • [41] They offer cash management and commercial banking services for small businesses and corporate clients as well.

 

Works Cited

[‘1. The name “UBS” is derived from “Union Bank of Switzerland”.[3] Although “Union Bank of Switzerland” was discontinued in 1998, the name “UBS” remained as the company’s legal and trade name going forward.[4] During the 1998 merger, UBS chairman
Marcel Ospel originally wanted to call the company “United Bank of Switzerland”, but settled on simply using “UBS” following the acquisition of Paine Webber, an American brokerage firm.[5] As of November 1998, the bank is only known as “UBS” or “UBS
Group AG”, with derivative titles such as UBS Investment Bank, UBS Financial Services, UBS Asset Management–among others–being common.[6]
2. ^ UBS maintains global client confidentiality standards across its wealth management, investment banking,
asset management, and private banking services. In Switzerland, UBS operations are regulated by Swiss banking secrecy laws, which legally prohibit it from disclosing client information to third parties, subject to terms and conditions.[7] Outside
of Switzerland, UBS complies with foreign market mandates on banking secrecy and client privacy. In its third largest market, the United States, UBS complies with FINRA privacy laws, which prohibits the unauthorized distribution of client information
or data, subject to terms and conditions.[8] UBS imposes a basic standard of banking discretion to all of its operations regardless legal directives.[9][10] The bank’s global compliance policies ensures that it:[11][12]
o never acknowledges the
existence of an account or client activity without consent or an accepted criminal complaint
o maintains banking discretion through “client relationship agreements” (e.g. bank–client confidentiality agreements)
o limits the disclosure and retention
of client activity, all of which is stored off-site (or encrypted online) for security after one calendar year
o ensures full or partial deposit insurance on all accounts
o offers the usage of bank vaults, as well as dormant and numbered bank
accounts to select, pre-approved clients
3. ^ The “three keys” symbol was taken from the Swiss Bank Corporation’s logo and are meant to represent the following, from left to right:[22]
o Confidence (i.e. consumer confidence)
o Security (i.e.
economic and physical security)
o Discretion (i.e. banking secrecy)
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