Important Events:
Switzerland and the World

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

The first reports on AIDS appear in the US.

The Waldsterben (forest-die) becomes an international issue.

The subsidiary SBC Finance (Cayman Islands) Ltd., Grand Cayman (B.W.I.) is set up to handle the international capital market operations of the SBC group.

SBC acquires the Bodenkreditbank in Basel, Basle.

At the end of this year Total Assets of SBC for the first time exceed CHF 100 billion (10,5 billion CHF).

UBS installs the first PC (Personal Computer).

Total Assets of UBS at the end of this year amount to 115,1 billion CHF.

In Switzerland the "Banking Initiative" of the Social Democratic Party is turned down with 73% NO-votes in a nation-wide public referendum.

Franz Galliker

Franz Galliker succeeds Hans Strasser as Chairman of SBC.

The Swiss Bank Corporation International Securities Inc., New York -the former Basle Securities Corporation-, becomes a member of NYSE, the New York Stock Exchange.

UBS acquires 29,9% of Phillips & Drew, London, a well-known brokerage and asset management house founded in 1896.

UBS acquires 80% of Bank Rohner AG, St. Gall, a bank specialising in consumer loans.

In Switzerland the weekly working time is reduced from 43 to 42.5 hours.

SBC establishes the INVEST-Foundation to manage tax-privileged funds of retirement plans in Switzerland.

The SBC-subsidiary Schweizerischer Bankverein (Deutschland) AG [SBC (Germany) AG], Frankfurt am Main, becomes operational.

SBC acquires the Banque d'Epargne et de Prêts de la Broye, Estavayer-le-Lac.