Banking in Switzerland is considered to be a stable, personal as well as protected system of safeguarding clients assets.
Switzerland is a landlocked European Alpine country. The economic condition of Switzerland is quite strong. It has a strong economy in banking. All of the Swiss banks are generally regulated by the Federal Banking Commission. It is indeed a rich city of Europe. In addition to this the value of the Swiss franc is comparatively stable compared to the other currencies. With the course of time the banking sector in Switzerland is improving a lot. In 2001 Swiss banks handled US $ 2.6 trillion. There are some foreign banks in Switzerland.
Foreign banks that are running its operation in Switzerland have managed 870 billion Swiss francs as on May 2006. The independent agency of the Swiss government, the Federal Banking Commission is working under the Federal finance department. It supervises most of the banking activities, securities markets and investment funds. It has acquired regulatory authority from the different statutes. In 1993 the office of the Swiss Banking Ombudsman was established. The sponsor of this Federal Banking Commission is the Swiss Banking Ombudsman Foundation. This Swiss Banking Ombudsman Foundation is again set up by the Swiss Bankers Association. The main work of it is to handle the complaints that are usually raised by the customers in a yearly basis.
The major Swiss banks include
UBS
Swiss National Bank
Credit Suisse
Cantonal banks
Bank Sarasin, a Private bank
According to the 2006 survey there are around 408 authorized banks and securities dealers in Switzerland.
