Largest Swiss banks 2018-2023, by assets

Switzerland's financial sector is a crucial component of its economy. While the number of banks has decreased notably in the last decade, there were still over 200 banks operating in the country as of 2023. The largest Swiss bank was UBS Group AG, with total assets exceeding 1.4 trillion Swiss Francs. This represented a significant increase compared to the previous year, which was likely attributable to UBS's merger with its historic rival, Credit Suisse, after the latter collapsed in early 2023.

UBS Group AG

Founded in 1862, UBS Group AG is a multinational investment bank with co-headquarters in Zürich and Basel. Known for its strong reputation for bank-client confidentiality, the bank has established a presence across the Americas, EMEA, and the Asia Pacific regions. In 2023, UBS Group was among the 10 largest banks in Europe and saw its brand value increase notably when compared to the previous year.

The collapse of Credit Suisse

The banking industry was thrown into turmoil by the failure of Silicon Valley Bank and Signature Bank in the U.S. in March 2023. Little more than a week later, the banking crisis made its way to Europe: After years of mismanagement and several scandals, Credit Suisse, Switzerland’s second-largest bank at the time, was bought by its longtime rival, UBS, as its drastically dropping market capitalization and share price crushed confidence in the bank.