Sample Essay

The banking sector of Switzerland is one of the largest private banking sectors in the world and has over 330 banks. The sector has been growing at a stable rate for the past 6 years and was the leader in investment and commercial banking till 2008 when the global economic crisis also affected the major banks of Switzerland. The banking sector contributes highly to the GDP of the country.

An estimated 35 percent of all the global private wealth is managed by Swiss banks and these banks have restructured to cater to large corporate and professional clientele as well managing around CHF 4,900 billion in portfolios. The banks in Switzerland are regulated and licensed through the Federal Banking Commission and foreign banks and their branches are governed by the Banking Law enacted in 1934. The major attraction for foreign private account holders is the secrecy and confidentiality of the Swiss banking sector. The Swiss banks are now facing great difficulty as many countries including the USA force these banks to reveal the identities of the account holders and abolish the popular anonymous money transfers through account codes from one country to another to limit money laundering cases[1]. The leaders of the banking sector are UBS and Credit Suisse who account for two-thirds of the total value of banks in the country. The sector includes savings, regional and cooperative banks including institutions specializing in asset management and securities and derivatives trading and contributes approximately between CHF 10 and 15 billion to the Swiss economy.

[1] Offshore Legal Law Firm. History of Switzerland Banking. 2009.

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