Swiss Bank Corporation Canada establishes Swiss Bank Corporation Trust.TORONTO--(BUSINESS WIRE)--Sept. 30, 1996-- Subsidiary Combines Portfolio Management and Private Banking Activities With New Trust and Estate Services To Create One-Stop Financial Resource Swiss Bank Corporation
Swiss Bank Corporation (SBC) (German: Schweizerischer Bankverein (SBV), French: Société de Banque Suisse (SBS), Italian:Società di Banca Svizzera (Canada) announces the formation of Swiss Bank Corporation Trust, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. offering Canadian and international clients access to a full range of global financial products and services including domestic and non-domestic trusts, investment planning, estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the , portfolio management and non-discretionary private accounts. Swiss Bank Corporation Trust combines Swiss Bank Corporation (Canada)'s existing private banking operations with its SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. Portfolio Management (Canada) Inc. subsidiary and adds trust and estate services that are new to the bank's offerings in Canada. The federally incorporated entity begins operations on Oct. 1, 1996. "Swiss Bank Corporation Trust enables us to offer our sophisticated Canadian and international clients a complete array of products and access to an extensive package of global private banking and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal specifically tailored to their needs," said Werner Joller, Executive Director and Head, Private Banking. "We are very pleased to be able to expand our expertise to include trust and estate planning services in this our 45th year of operations in Canada." Under current Canadian banking rules and regulations, federally chartered banks like Swiss Bank Corporation (Canada) are prohibited from engaging in certain trust and estate-related activities unless these activities are conducted through a trust subsidiary. Canadian clients of Swiss Bank Corporation (Canada) private banking and SBC Portfolio Management (Canada) Inc. automatically become clients of Swiss Bank Corporation Trust on Oct. 1, 1996, and will experience no change in account numbers, service fees or account officers. Swiss Bank Corporation Trust will employ approximately 40 former Swiss Bank Corporation (Canada) and SBC Portfolio Management (Canada) Inc. employees at branches in Toronto, Montreal and Vancouver. Carlo Grigioni, Managing Director, Private Banking and Head of Regional Market Management, North America, Asia/Pacific, is Chairman of Swiss Bank Corporation Trust. With clients across Canada and throughout the world, Swiss Bank Corporation (Canada) is a wholly owned subsidiary of Basel, Switzerland-based Swiss Bank Corporation. Swiss Bank Corporation opened its first Canadian office in 1951 to provide investment intermediary services for clients, branches and offices of the bank's worldwide operations. In 1970, the bank formed a second Canadian subsidiary to pursue lending activities in the country. Following the 1980 amendment to the Bank Act, which enabled foreign-owned banks to form Canadian-chartered institutions, Swiss Bank Corporation (Canada) was chartered in 1981 to focus on private banking and lending. After further deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. in the Canadian banking industry, Swiss Bank Corporation (Canada) in 1990 began offering portfolio management and investment planning services through its SBC Portfolio Management (Canada) Inc. subsidiary. Swiss Bank Corporation (Canada) employs 85 people at its headquarters in Toronto and branches in Montreal and Vancouver. The bank also owns 50 percent of Bunting Warburg Inc., a Canadian investment dealer with 85 employees in Toronto, Montreal and Vancouver. A leading global financial institution with assets totalling CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 309 billion (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 260 billion), Swiss Bank Corporation is one of Europe's top financial institutions. Swiss Bank Corporation employs about 27,000 people in more than 40 countries and is rated AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. by IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals , AA. by Standard & Poor's and AA1 by Moody's. CONTACT: Swiss Bank Corporation Doug MacDonald, 312/554-5812 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion