Important Events:
Switzerland and the World

Important Events:
Swiss Bank Corporation (SBC)
Union Bank of Switzerland (UBS)

The War in Korea starts with North-Korean troops marching into South-Korea.

SBC has 31 Branch Offices in Switzerland and three abroad.

UBS has 35 Branch Offices in Switzerland. Abroad, the bank only maintains a Representative Office in New York and an unofficial Representative in Johannesburg.

The "Mutual Fund for Swiss Real Estate SIMA" is established.

UBS creates a third subsidiary for its mortgage lending activities, the Caisse Hypothécaire pour la Suisse Romande in Geneva - CHSR (Mortgage and Savings Bank for the French speaking part of Switzerland).

In Paris the treaty about the European Community for Coal and Steel (Montanunion) is signed.

SBC establishes the Swiss Corporation for Canadian Investments Ltd., Montreal, Canada, and opens its Rockefeller Center Office in New York.

UBS acquires the Volksbank Interlaken AG and thus establishes a branch in Interlaken.

With the Truce of Panmunjom the Korean War ends.

The uprising in Eastern Germany (of June 17th) is suppressed by the communist regime with the help of Soviet tanks.

SBC opens a Representative Office in Rio de Janeiro.

Dr. Fritz Richner

Fritz Richner succeeds Paul Jaberg as Chairman of UBS.

	Dr. Alfred Schaefer

Alfred Schaefer is appointed Chief General Manager.

UBS sets up a branch in Olten.

UBS acquires the bank Weck, Aebi & Cie., Fribourg, and thus establishes a branch in Fribourg.