Is UBS same as Swiss bank?

Key Takeaways. UBS is a Swiss investment bank with global operations. It was formed as a merger between Union Bank of Switzerland and Swiss Bank Corp. The main divisions of UBS include investment & retail banking and asset & wealth management.

Is UBS United bank of Switzerland?

UBS AG is incorporated and domiciled in Switzerland and operates under the Swiss Code of Obligations as an Aktiengesellschaft, a corporation limited by shares. UBS AG is a bank and was formed on 29 June 1998, when Union Bank of Switzerland (founded 1862) and Swiss Bank Corporation (founded 1872) merged.

Who is UBS owned by?

On 26 May 2020, BlackRock Inc., New York, disclosed under the Swiss Stock Exchange Act a holding of 4,70% of the total share capital of UBS Group AG. On 24 July 2019, Norges Bank, Oslo, disclosed under the Swiss Stock Exchange Act a holding of 3,01% of the total share capital of UBS Group AG.

Is UBS in the US?

UBS global wealth management advisory operations in the Americas consists of U.S. and Canadian wealth management businesses, as well as international business booked in the U.S. UBS Wealth Management in the U.S. is an outgrowth of the former Paine Webber brokerage business.

Why do millionaires use Swiss banks?

The main benefits of Swiss bank accounts include low levels of financial risk and high levels of privacy. Swiss law prevents the bank from disclosing any information regarding an account (even its existence) without the depositor’s permission, except in cases where severe criminal activity is suspected.

Can anyone open a Swiss bank account?

Yes. Any adult U.S. citizen is legally allowed to open a Swiss bank account. However, you can’t do that anonymously. Even though there aren’t taxes for accounts in Switzerland, American citizens must report their Swiss bank accounts to the Internal Revenue Service.