Banking in Switzerland in the context of "Zermatt"

Credit Suisse Group AG (French pronunciation: [kʁe.di sɥis], lit. 'Swiss Credit') was a global investment bank and financial services firm founded and based in Switzerland. According to UBS, eventually Credit Suisse was to be fully integrated into UBS. While the integration was yet to be completed, both banks are operating separately. However, on May 31, 2024, it was announced that Credit Suisse ceased to exist. Headquartered in Zürich, as a standalone firm, it maintained offices in all major financial centres around the world and provided services in investment banking, private banking, asset management, and shared services. It was known for strict bank–client confidentiality and banking secrecy. The Financial Stability Board considered it to be a global systemically important bank. Credit Suisse was also a primary dealer and Forex counterparty of the Federal Reserve in the United States.

Credit Suisse was founded in 1856 to fund the development of Switzerland's rail system. It issued loans that helped create Switzerland's electrical grid and the European rail system. In the 1900s, it began shifting to retail banking in response to the elevation of the middle class and competition from fellow Swiss banks UBS and Julius Bär. Credit Suisse partnered with First Boston in 1978 before buying a controlling share of the bank in 1988. From 1990 to 2000, the company purchased institutions such as Winterthur Group, Swiss Volksbank, Swiss American Securities Inc. (SASI), and Bank Leu.

Switzerland lies at the crossroads of several major European cultures. Three of the continent's major languages, German, French and Italian, are national languages of Switzerland, along with Romansh, spoken by a small minority. Therefore, Swiss culture is characterized by diversity, which is reflected in a wide range of traditional customs. The 26 cantons also account for the large cultural diversity.

Notwithstanding the regional disparities, the Alps have played an essential role in shaping the history and culture of Switzerland. Some scholars, such as Claude Reichler, Kathleen Kete and Joseph Jung, have identified the mid to late 18th century as a period when the Alps changed from being seen by the Swiss themselves as an aesthetically unappealing hazardous barrier to be crossed, to being recognized as a cultural symbol of their nation's beauty. The region of the Gotthard Pass became the nucleus of the Swiss Confederacy in the early 14th century. Nowadays, all mountain areas of Switzerland have a strong skiing and mountaineering culture and are associated with folk arts such as the alphorn and yodeling. Other Swiss cultural icons include Swiss chocolate, Swiss cheese, watches, cowbells, banking, and the Swiss Army knives.

The franc is any of various units of currency. One franc is typically divided into 100 centimes. The name is said to derive from the Latin inscription francorum rex (King of the Franks) used on early French coins and until the 18th century, or from the French franc, meaning "frank" (and "free" in certain contexts, such as coup franc, "free kick").

The countries that use francs today include Switzerland, Liechtenstein, and most of Francophone Africa. The Swiss franc is a major world currency today due to the prominence of Swiss financial institutions.

Banking secrecy, alternatively known as financial privacy, banking discretion, or bank safety, is a conditional agreement between a bank and its clients that all foregoing activities remain secure, confidential, and private. Most often associated with banking in Switzerland, banking secrecy is prevalent in Luxembourg, Monaco, Hong Kong, Singapore, Ireland, and Lebanon, among other off-shore banking institutions.

Otherwise known as bank–client confidentiality or banker–client privilege, the practice was started by Italian merchants during the 1600s near Northern Italy (a region that would become the Italian-speaking region of Switzerland). Geneva bankers established secrecy socially and through civil law in the French-speaking region during the 1700s. Swiss banking secrecy was first codified with the Banking Act of 1934, thus making it a crime to disclose client information to third parties without a client's consent. The law, coupled with a stable Swiss currency and international neutrality, prompted large capital flight to private Swiss accounts. During the 1940s, numbered bank accounts were introduced creating an enduring principle of bank secrecy that continues to be considered one of the main aspects of private banking globally. Advances in financial cryptography (via public-key cryptography) could make it possible to use anonymous electronic money and anonymous digital bearer certificates for financial privacy and anonymous Internet banking, given enabling institutions and secure computer systems.