Important Events:
Switzerland and the World

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

The racing yacht "UBS Switzerland" wins the 4th Whitbread-Round-the-World-Race. UBS was the main sponsor.

The "Big Bang" in London, triggered by the "1986 Financial Services Act", liberalizes the securities markets and revolutionizes the traditional division of labour in the City.

Spain and Portugal join the EC.

The United States introduce sanctions against South Africa because of its continued Apartheid policies.

The importance of "off-balance sheet transactions" increases fast. Many financial innovations take place.

Part of the atomic power station in Tschernobyl, USSR, explodes and causes a radioactive catastrophy.

In a nationwide referendum the Swiss refuse to join the United Nations with 76% NO-votes. Not a single canton produces a Yes-majority.

SBC announces the construction of its own skyscraper, the Swiss Bank Tower, in New York.

SBC moves its Capital Markets Department from Basle to Zurich.

The German precious metals high-technology firm W.C. Heraeus GmbH, Hanau, takes a perticipation of 25% in UBS' gold refinery Argor SA, Chiasso. The joint venture thus created is renamed into Argor-Heraeus SA.

UBS acquires 100% of Phillips & Drew and changes the partnership into the limited liability company Phillips & Drew Ltd., London.

UBS establishes UBS Phillips & Drew International Ltd., London.

UBS acquires Deutsche Länderbank, Frankfurt am Main, and renames it into Schweizerische Bankgesellschaft (Deutschland) AG.

UBS acquires 75% of Banco di Roma per la Svizzera, Lugano.

The UBS subsidiary HYPOSWISS moves its domicile from Solothurn to Zurich. In future, this bank will concentrate on Private Banking.

On Bahnhofstrasse in Zurich UBS opens the first Electronic Banking branch in Switzerland.

UBS establishes:

On 19th October there is a worldwide stock exchange crash (Black Monday). The Dow Jones Industrials Index looses 22.6% until the end of the month.

The SIC-Swiss Interbank Clearing via SNB starts.

After 10 years in existence the "Agreement on the Observance of Care by the (Swiss) Banks in Accepting Funds and on the Practice of Banking Secrecy" of 1977 is renewed in an amended version. Henceforth the title of the Document is "Agreement on the Swiss Banks' Code of Conduct with Regard to the Exercise of Due Diligence".

In December construction starts on the Eurotunnel between France and England.

Walter Frehner

Walter Frehner is appointed the first permanent President of General Management since 1961.

Within SBC a new organizational structure enters into force. The bank is organized along four "Groups": Commercial, Finance, Investment and Logistics Groups.

SBC acquires the brokerage house Savory Milln, London.

SBC acquires a majority holding in Walliser Ersparniskasse, Sitten.

Both, UBS and SBC, are engaged in the financing of the Eurotunnel - together with dozens of other internationally operating banks.

SBC at the end of this year employs 16'828 persons, of which 2021 work abroad.

UBS celebrates its 125th anniversary.

UBS creates the Regional Management United Kingdom, London.

UBS sets up Electronic Banking branches in Geneva and Lugano.

UBS finances an Assistant Professorship for Electronic Expert Systems at the Swiss Federal Institute of Technology in Zurich (ETHZ). Thus UBILAB (UBS Informatics Laboratory), a department of UBS, is being created.

Both, UBS and SBC, are engaged in the financing of the Eurotunnel - together with dozens of other internationally operating banks.

At the end of this year UBS, for the first time, employs more than 20'000 persons (20'779, of which 1239 work abroad).