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Swiss Banking News 2007

In the beginning of the year, new international regulations came into force for measuring and covering financial risks by the banks and businesses. In March, the Swiss Bankers Association issued new self-regulatory guidelines governing the information that banks must provide to investors about structured products. In April, the Swiss delegation, headed by Economic and Finance Ministers of Switzerland, attended an international economics meeting in Washington.

In 2007, Credit Suisse expanded its private banking offering in Russia, making the international securities brokerage available for Russian private individuals.

UBS AG announced the sale of its 20.7% stake in Julius Baer Holding AG. Later this year, Standard & Poor's Ratings Services cut the credit outlook for UBS AG to “negative”, and UBS added CHF 19.4 billion to capital as a special measure to strengthen its capital position.