All banks in Switzerland are regulated by Swiss Financial Market Supervisory Authority (FINMA), which derives its authority from a series of federal statutes. The country's tradition of bank secrecy, which dates to the Middle Ages, was first codified in a 1934 law.
There are + 400 Banks in Switzerland.
Switzerland is a prosperous nation with a gross domestic product (GDP) higher than that of most western European nations. In addition, the value of the Swiss franc (CHF) has been relatively stable compared with that of other currencies, the financial sector comprised 11.6% of Switzerland's GDP and employed approximately 195,000 people (136,000 of whom work in the banking sector); this represents about 5.6% of the total Swiss workforce. Furthermore, Swiss banks employ an estimated 103,000 people abroad.
Swiss neutrality and national sovereignty, long recognized by foreign nations, have fostered a stable environment in which the banking sector was able to develop and thrive. Switzerland has maintained neutrality through both World Wars, is not a member of the European Union, and was not even a member of the United Nations until 2002.
Currently an estimated one-third of all funds held outside the country of origin (sometimes called "offshore" funds) are kept in Switzerland. In 2001 Swiss banks managed US$ 2.6 trillion. The following year they handled $400 billion USD less which has been attributed to both a bear market and stricter regulations on Swiss banking.[7] By 2007 this figure has risen to roughly 6.7 trillion Swiss francs (US$6.4 trillion).
The Bank of International Settlements, an organization that facilitates cooperation among the world's central banks, is headquartered in the city of Basel. Founded in 1930, the BIS chose to locate in Switzerland because of the country's neutrality, which was important to an organization founded by countries that had been on both sides of World War I.
Find all the information about offshore banking in Switzerland at http://www.offshorebankingadvisor.com/
There are + 400 Banks in Switzerland.
Switzerland is a prosperous nation with a gross domestic product (GDP) higher than that of most western European nations. In addition, the value of the Swiss franc (CHF) has been relatively stable compared with that of other currencies, the financial sector comprised 11.6% of Switzerland's GDP and employed approximately 195,000 people (136,000 of whom work in the banking sector); this represents about 5.6% of the total Swiss workforce. Furthermore, Swiss banks employ an estimated 103,000 people abroad.
Swiss neutrality and national sovereignty, long recognized by foreign nations, have fostered a stable environment in which the banking sector was able to develop and thrive. Switzerland has maintained neutrality through both World Wars, is not a member of the European Union, and was not even a member of the United Nations until 2002.
Currently an estimated one-third of all funds held outside the country of origin (sometimes called "offshore" funds) are kept in Switzerland. In 2001 Swiss banks managed US$ 2.6 trillion. The following year they handled $400 billion USD less which has been attributed to both a bear market and stricter regulations on Swiss banking.[7] By 2007 this figure has risen to roughly 6.7 trillion Swiss francs (US$6.4 trillion).
The Bank of International Settlements, an organization that facilitates cooperation among the world's central banks, is headquartered in the city of Basel. Founded in 1930, the BIS chose to locate in Switzerland because of the country's neutrality, which was important to an organization founded by countries that had been on both sides of World War I.
Find all the information about offshore banking in Switzerland at http://www.offshorebankingadvisor.com/
