UBS was created in 1998 by merging Union Bank of Switzerland and Swiss Bank Corporation.
The merger joined two major Swiss financial institutions with long histories. Union Bank of Switzerland had been formed in 1912 through an earlier merger, while Swiss Bank Corporation traced its origins to Basel in the nineteenth century. The combined group initially used the name UBS AG.
UBS became a major global wealth manager, investment bank, and universal bank. Its business has included wealth management for private clients, asset management, investment banking, and retail and corporate banking in Switzerland.
In 2023, UBS agreed to acquire Credit Suisse during a crisis affecting its rival. That transaction was separate from the 1998 creation of UBS and made UBS the surviving institution. UBS should also not be confused with Switzerland’s central bank, the Swiss National Bank.