1968 - 1972

Banking services for all as the post-war asset base of the average individual continues to increase, leading to a rise in demand for private banking services

Swiss Bank Corporation (SBC)
Union Bank of Switzerland (UBS)

Switzerland and the world

1968

Union Bank, SBC and Credit Suisse create the Zurich Gold Pool, creating the basis for Switzerland becoming the largest gold market in the world.

A young saver at SBC

Union Bank and SBC offer savings accounts to the general public and subsequently also introduce current accounts.

Cash dispenser

SBC, Union Bank and Credit Suisse introduce the Bancomat system of automated cash dispensers.

SBC sets up the Swiss Bank Corporation Ltd. for overseas operations in Nassau, the Bahamas, and a branch office in Panama.

At the end of the year, Union Bank again becomes Switzerland's largest with assets of 18.5 billion CHF. The total assets of SBC reach 16.9 billion CHF.

Total Assets

Shareholders Equity

Net Profit

The gold market is split into an official and a free market. With a market share of up to 70%, Zurich claims global leadership in gold trading.

The Swiss private banking sector is further strengthened by growing private client asset transfers and funds attracted by Switzerland's political stability and convertible currency.

1969

The Swiss cheque card

Introduction of the Swiss cheque card.

SBC's international presence in the late 1960s

SBC opens a representative office in Sydney.

Union Bank opens representative offices in Buenos Aires, Hong Kong, Sydney, Melbourne and Beirut.

Union Bank establishes a Share Participation Plan for the members of the bank's management team.

Neil Armstrong

Neil Armstrong becomes the first man on the moon.

The negotiations on the Strategic Arms Limitation Treaty (SALT I & II) begin, marking a new era of détente in U.S.–Soviet relations.

Woodstock festival

The famous Woodstock Music & Art Fair is held in the U.S.

1970

Construction of the Union Bank agency

In October, Union Bank opens Switzerland's first below-the-ground bank agency, in Zurich main station's underground shopping alley.

Union Bank bank and management school

Employee numbers at Union Bank grow to nearly 10,000 (of which almost half are younger than 25).

Union Bank establishes the American UBS Corporation in New York, for underwriting in the U.S. market as well as Union Bank of Switzerland (underwriters) Ltd., Hamilton, Bermuda.

Singapore in the early 1970s

SBC founds SBC Australia Ltd. and opens a representative office in Singapore.

SBC is the first Swiss bank to launch an international advertising campaign.

SBC is the first Swiss bank (and second European) to open a full branch in Tokyo.

Soviet cosmonauts

The Soviet Union launches the first space station, Salyut 1, into orbit.

Fans of punk band The Sex Pistols

The punk subculture emerges, uniting a diverse array of ideologies, and forms of expression, including music, fashion, and visual arts.

1971

Union Bank sets up a branch in Hong Kong and establishes representative offices in Montreal, San Francisco, Caracas, Singapore, and Bahrain.

By year's end SBC employs over 8,800, Union Bank more than 11,000 people.

Number of Employees

In New York the first electronic exchange, Nasdaq, becomes operational.

The gold convertibility of the US Dollar is abandoned.

The environmental campaign group Greenpeace is founded.

Ray Tomlinson invents the first internet-based email system.

Michael Jackson

Cover of "Rolling Stone" magazine featuring Michael Jackson

Michael Jackson, the "King of Pop", begins his solo career.

1972

SBC 100th anniversary celebrations in Basel

SBC celebrates its 100th anniversary and establishes the Swiss Bank Corporation Centenary Foundation for the support of cultural, scientific and charitable institutions.

SBC 100th anniversary celebrations in Basel

Union Bank launches the first option bond in Switzerland.

Union Bank absorbs Bank Pozzy in Poschiavo (in the Canton of Graubünden) and turns it into a branch. With Bank Pozzy's roots going back to 1747, the new Union Bank branch becomes, in historical terms, the bank's oldest.

The Watergate scandal

The Watergate scandal engulfs the administration of U.S. President Richard Nixon.