Important Events:
Switzerland and the World

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

In South Africa Nelson Mandela, leader of the African National Congress ANC is freed from prison on February 11, 1990 after 27 years of imprisonment.

The Baltic states break away from the Soviet Union.

Reunification of Germany.

Iraqi troops invade Kuwait.

In Switzerland's Penal Code the new paragraph on money laundering enters into force.

In December the US Dollar hits a low of 1.255 CHF. The strong Swiss Franc hurts the Swiss export industry.

SBC acquires indirectly a 49%-share in Banca della Svizzera Italiana (BSI), Lugano, which had been founded in 1873.

The SBC organization in New York moves to the newly constructed Swiss Bank Tower.

SBC acquires the Bank in Burgdorf, Burgdorf, in which it had a minority holding since 1969.

SBC also acquires and integrates the Sparkasse Küssnacht, Küssnacht am Rigi.

In an effort to simplify its capital structure, UBS abolishes the Participation Certificates created in 1979.

UBS Italia Investimenti e Finanza SpA, Milano, is set up for Merchant Banking operations. (As of 1996 it is renamed UBS Capital SpA, Milano.)

Switzerland celebrates its 700th birthday.

The bankruptcy of the Spar- und Leihkasse Thun (SLT) marks the beginning of a restructuring of the entire Swiss banking landscape the climax of which will be the merger of UBS and SBC in 1998.

In the operation "Desert Storm" Kuwait is freed from Iraqi troops.

COMECON, the Council for Mutual Economic Aid of the Eastern bloc nations and the Warsaw Pact, the communist counterpart to NATO, are dissolved.

The Soviet Union falls apart.

Yugoslavia falls apart.

The Treaty of Maastricht, the basis for the European Union, is signed.

The twelve EC-member states and the seven EFTA-member states agree on the formation of an European Economic Area (EEA).

Beginning of a worldwide economic recession.

Within SBC a new organizational structure enters into force: The entire foreign wholesale banking activities become part of the enlarged International and Financial Group (IFG) in Zurich.

SBC arranges a cooperation with the Zurich Insurance Group.

SBC absorbs the Schweizerische Depositen- und Kreditbank (SDKB).

SBC acquires a voting majority in Banca della Svizzera Italiana (BSI), Lugano, and assumes control.

SBC integrates the Schweizerische Spar- und Kreditbank, St. Gall, which had been acquired in 1965 already.

SBC for the first time publishes consolidated group results for 1990 and comparable figures for 1989.

The SBC Group Profit for 1991 for the first time exceeds 1 billion CHF (1,03 billion CHF).

AKO Bank, Zurich, and Banque ORCA, Geneva, both subsidiaries of UBS specialising in consumer loans, merge and AKO Bank ceases to exist.

As of July 1 a new organizational structure enters in to force within UBS: a Group Executive Board is created and an Enlarged GEB. Five geographical regions (Switzerland, Europe, North America, Japan, and East Asia) as well as six group divisions (Corporate Lending, Corporate Finance, Trading and Risk Management, Country Exposures and General Banking in Non-regionalized Countries, Private Banking and Institutional Asset Management, Resources and Management Support) are set up.

UBS acquires and integrates Chase Investors, New York, and renames it into UBS Asset Management (New York) Inc.

HYPOSWISS, a Private Banking subsidiary of UBS, takes over the activities of PBZ Privatbank Zurich, which thus ceases to exist as a Private Banking house.

UBS opens a branch office in Taipei, Taiwan.

UBS establishes the life insurance subsidiary UBS Life (open for business as of 1993).

BK Vision AG of Martin Ebner, which is to become an important shareholder of UBS, is founded. 63.3% of its assets consist of UBS shares.

UBS for the first time publishes consolidated group results for 1990 and comparable figures for 1989.

The UBS Group Profit for 1991 for the first time exceeds 1 billion CHF (1,21 billion CHF).