VAT in Switzerland

In Switzerland, the banking sector is considered in terms of size, business focus, geographical location, and its legal form. The banks are regulated by the Swiss Central bank which is independent for stability purposes and to ensure that a suitable environment is created for economic growth.

The Swiss Financial Market Supervisory authority, however, is endowed with the capacity to make banking regulations as well as supervise all banking activities. Switzerland’s banking system is stable due to strong operating conditions despite the challenges of low-interest rates and housing price inflation that is faced by the economy.

1. UBS Group

With offices in more than 50 countries, UBS is the leading bank in Switzerland. Its services are stretched towards having world-class service to private institutions, corporate clients and retail clients with unequaled financial advice and solutions.

The bank poses 280 branches with 4,500 employees offering unmatched services to their clientele. According to the findings of the central bank, the bank serves one in every three families within Switzerland. Its net profit in 2018 rose to a whopping $4.9 billion in 2018, from $969 million in 2017.

2. Credit Suisse Group

This is among the oldest bank in Swiss, founded in 1856, with a global reach in more than 170 nations and 46,800 employees. It has been considered as the second biggest bank in Switzerland, and this is due to the way it serves its clientele that is through three regionally focused divisions to its clients that are, international wealth management, Swiss universal bank, and the Asia Pacific.

The division is supported by two sub-divisions that are global markets and investment banking and capital markets. In 2018, the bank posted an annual income of CHF 3.4 billion.

3. Julius Baer

Founded in the year 1890, Julius Baer is a multinational and private bank, offering services dealing with wealth management, investment solution, assets management to private and institutional investors, securities and foreign exchange trading, loans and mortgage.

In 2018, its net profit to shareholders grew by 4 % as well as the earnings per share by 4%, adjusting the net profit to CHF 810 million. This is the third biggest bank in Switzerland.

4. Raiffeisen Switzerland

This is the fourth largest bank in the Swiss banking sector, but apparently the leading one in Swiss retail bank. The bank posts with 1.9 million co-operative members and 3.8 million clients operating through 896 locations throughout Switzerland.

As at the end of 2018, the bank had assets worth CHF 211 billion and CHF 185 billion in terms of loans. The bank has also flexed its muscles to the mortgage business and has a market share of 17.6 %.

5. Zurich Cantonal Bank

Founded in 1870 as a bank of the citizen of Zurich, this is the 5th biggest bank in Switzerland offering a range of products and services. Its net profit in 2018 rose by one percent to CHF 788, the operating profit grew by 14% in the same year to CHF 892 million.

The bank offers first-world services in private banking, commercial banking as well as asset management. The bank poses with assets worth CHF 164 billion and operates 80 branches within Switzerland.