The main factors which helped Switzerland to achieve this position are a stable political situation, the country's capacity for saving, a stable currency with minimum transfer restrictions, traditionally low interest rates and highly sophisticated and secure financial institutions. Domestic and international investors find a favorable financing climate and can rely upon the quality and efficiency of the banking system nationwide. Switzerland has a universal banking system.
Banks can engage in all financial services, including securities transactions.
Foreign-controlled banks and branches of foreign banks enjoy the same treatment as domestic institutions. There are some 400 banks in Switzerland of which about 150 are foreign-controlled. The total assets of the Swiss banks amount to approximately CHF 1,300 billion, and even after recent mergers, Swiss banks employ about 120,000 people. The banking sector amounts to 9 percent of the gross domestic product and contributes up to 10 percent of the public tax revenue. The largest Swiss banks, UBS and Credit Suisse Group, are among the largest in the world.