Important Events:
Switzerland and the World

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

Juan Carlos I

In December 1978, Spain becomes a parlamentary Monarchy again. Since 1975 Juan Carlos I is King of Spain.

Hans Strasser

Hans Strasser succeeds Max Staehelin as Chairman of SBC.

SBC acquires the Banque Commerciale de Sion SA, Sion, and a majority in the bank Ferrier Lullin & Cie SA, Geneva. The latter specializes in Private Banking.

SBC acquires the Bank Prokredit AG, Fribourg, which specializes in consumer loans.

SBC's headquarters at Aeschenvorstadt

A large part of the main building of SBC's headquarters at Aeschenvorstadt in Basle, which also houses part of General Management, is destroyed by fire on December 9th.

UBS opens Branches in Chicago and Los Angeles.

The European Monetary System (EMS) is created.

In Switzerland the Social Democratic Party deposits in Berne its "Banking Initiative", a threat to the Swiss banking secrecy. (In a nation-wide referendum in 1984 this initiative is turned down with 73% No-votes.)

In Iran the imperial monarchy tumbles. Ayatollah Chomeini takes over from the Shah.

SBC sets up a branch in Hong Kong.

SBC acquires the Handwerkerbank Basle, the Banca Prealpina SA, Lugano, and absorbs the Bank für Hypothekarkredite, Basle.

UBS creates Participation Certificates with a nominal value of 20.-- CHF.

UBS, for the first time, is rated by Moody's and S&P and receives the highest possible marks from both of them.

UBS starts with the implementation of the integrated EDP-platform ABACUS as the successor project to the ill-fated UBISCO of 1974.

UBS establishes a Branch in Singapore and its securities subsidiary UBS Securities Inc., New York.