Bank in Winterthur founded (later part of UBS)

Background. The Bank in Winterthur emerged in 1862 as part of the movement founding multiple Swiss big banks in the latter half of the 19th century. Established in Winterthur, a city in the canton of Zurich, the bank began with an initial share capital of 5 million CHF. It specialized in providing financing for industry and other companies, leveraging its close railroad connections and large warehousing facilities.

Operations. During the American Civil War, the bank profited considerably from its close railroad connections and large warehousing facilities as cotton prices rose dramatically. Its involvement in financing the ill-fated private Schweizerische Nationalbahn resulted in the loss of one-fifth of the bank's capital reserves in 1887. The bank's operations were characterized by its focus on industrial financing and its exposure to railway investments.

Legacy. The Bank in Winterthur is one of the original predecessor banks to the Union Bank of Switzerland and ultimately UBS. In 1912, it merged with the Toggenburger Bank to form the Union Bank of Switzerland. This merger created a significant financial entity that later grew rapidly after the Banking Law of 1934 codified Swiss banking secrecy, eventually becoming part of the modern UBS.