Bank in Winterthur
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The Bank in Winterthur was in 1862 Winterthur formed Bank. In 1912 it merged with Toggenburger Bank to form Swiss Bank Corporation , making it one of UBS's predecessor banks .
history
In 1862, 13 influential Winterthur industrialists (including Salomon Volkart , Heinrich Rieter , Heinrich Sulzer-Steiner and Johann Jakob Sulzer ) founded the bank in Winterthur with starting capital of five million francs, which was doubled two years later. After the city had sold the Turnhaus Stadthausstrasse site to the bank, the bank moved to a new headquarters on Stadthausstrasse in 1869 , where UBS still operates its Winterthur branch today. The bank was able to draw massive profits from the war of civil secession and the associated increase in cotton prices . By the end of the war in 1865, it had doubled its trading capital.
In 1871 the bank was involved in the founding of the SLM in Winterthur, in 1872 in that of the Hotel Baur au Lac in Zurich and in 1875 in the establishment of the Swiss Accident Insurance Company (later Winterthur Insurance) and other companies. She also helped found the Basler Bankverein .
But there were also negative events in the 1870s: In addition to the Vienna stock market crash of 1873, which affected the bank, Henri von Sulzer-Wart, owner of a bank in Le Havre , suffered several losses for the bank in Winterthur Gave a hundred thousand francs. Sulzer-Wart fled first to Port-au-Prince and later to New York to avoid prosecution.
As part of its involvement in the national railway debacle of the SNB , the bank lost a fifth of its capital in 1887. The collapse of Lloyd Transport and Reinsurance, which was co-founded in 1863, was not without consequences for the bank, as a result of which President Salomon Volkart and Vice President Johann Ulrich Zellweger-Waeffler had to resign. As members of the board of directors of Lloyd, both were jointly responsible for the insurer's bankruptcy. In 1884 almost the entire board of directors was renewed, and in 1887 the bank was restructured.
In 1906, the bank in Winterthur took over the Zurich branch of the bank in Baden and at the same time the entire stock corporation of the bank.
The bank in Winterthur finally merged with the Toggenburger Bank to form the Swiss Bank Corporation (SBG) in 1912 . Their headquarters were in Winterthur and St. Gallen until 1945 , before they moved to Paradeplatz in Zurich. In 1998, the SBG merged with two other banks to form today's major bank UBS .