Important Events:
Switzerland and the World

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

Free floating of the US Dollar, which in fact means the end of the Bretton Woods currency system (since 1944). As a result the value of the US-Dollar falls steadily vis-à-vis other major currencies.

A very substantial increase of the price of oil (oil price shock) leads eventually to the problem of the "Recycling of Petrodollars".

Egyptian and Syrian troops attack Israeli occupied territories in the Jom-Kippur-War.

SBC establishes the Spezialfinanzierungen AG, Basle, and the SBC Finance (Asia) Ltd., Hong Kong.

SBC opens a Representative Office in Chicago.

UBS opens its banking subsidiary Union de Banques Suisses (Luxembourg) SA.

UBS acquires the remaining 20% of the share capital of Argor SA, Chiasso, its precious metals refinery in the canton of Ticino.

Because of the "Watergate-scandal" US President Nixon resigns.

SBC creates Participation Certificates with a nominal value of 100 CHF and splits its bearer shares 1:5 from a nominal value of 500 CHF to one of 100 CHF.

SBC acquires a majority holding in Ehinger & Cie AG, since 1984 Bank Ehinger & Cie AG, Basle, specialising in Private Banking.

SBC also acquires the Spar- und Leihkasse Sarnen, Sarnen.

The Chicago Representative Office is transformed into a branch.

At the end of this year SBC, for the first time, employs more than 10'000 persons (10'376, of which 961 work abroad).

UBS establishes Representative Offices in Madrid and Tehran.

Due to heavy foreign exchange losses the Forex Head, recently made a member of General Management, has to leave the bank.

UBS at the end of this year employs 13'154 persons, of which 176 work abroad.

The Ecu (European Currency Unit) is created.

After the occupation of Saigon by the Vietcong the South-Vietnamese government capitulates and the Vietnam War ends.

SBC also creates registered shares with restricted transferability with a nominal value of 100 CHF for the same reasons as UBS's.

The SBC subsidiary Société de Banque Suisse (Luxembourg) SA opens for business.

SBC opens a branch in Singapore.

SBC holds its first Press Conference and informs about the business policy of the bank.

In the wake of the oil price shock and in connection with the problem of the "Recycling of Petrodollars" UBS creates registered shares with restricted transferability (100 CHF nominal value). In order to safeguard against the possibility of becoming majority-owned by foreign shareholders, these registered shares can be bought by Swiss nationals and Swiss residents only.

UBS opens its Branch in New York at Wall Street.

UBS opens its securities subsidiary Union Bank of Switzerland (Securities) Ltd., London.

UBS opens its banking subsidiary Union Bank of Switzerland (Panama) Inc., Panama (shutdown at the end of 1990).

UBS establishes a Representative Office in Moscow.

Management Training Center "Wolfsberg"

Inauguration of the UBS Management Training Center "Wolfsberg" near Lake Constance.