Important Events:
Switzerland and the World

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

The Khmer rouge conquer Cambodia and erect a reign of terror.

SBC acquires a majority holding in Banque de Placements et de Crédit, Monte Carlo.

SBC acquires the banks Armand von Ernst & Cie, Berne, and Adler & Co. AG, Zurich, both specializing in Private Banking.

SBC opens an Offshore Banking Unit in Manama, Bahrain.

	Philippe de Weck

Philippe de Weck succeeds Alfred Schaefer as Chairman of UBS.

Robert Holzach

Robert Holzach is appointed as Coordinator of General Management.

Renée Wolf is the first woman to be made a member of management in UBS. She lectures in the Management Training Center "Wolfsberg".

UBS establishes Representative Offices in Toronto and Abu Dhabi.

As the result of a reorganization of the Schweizerische Hypotheken- und Handelsbank (SHHB), Solothurn, UBS acquires 56% of the share capital. This bank later is renamed into HYPOSWISS.

The Chiasso-affair of Credit Suisse, a case of white-collar crime, over-shadows the Swiss Financial Center.

As a direct answer to the Chiasso-affair the Swiss banking community adopts the "Agreement on the Observance of Care by the (Swiss) Banks in Accepting Funds and on the Practice of Banking Secrecy" as of July 1. Today, i.e. in 2000, this document is called "Agreement on the Swiss Banks' Code of Conduct with Regard to the Exercise of Due Diligence".

SBC sets up a branch on the Cayman Islands, British West-Indies.

SBC is connected to SWIFT, the Society for Worldwide Interbank Financial Telecommunication.

SBC acquires the Urania Bank AG, Zurich. In 1983 this Bank is merged with Bank Prokredit AG, Fribourg, which specializes in consumer loans.

UBS extends its Share Participation Plan to all employees.