UBS and Islamic Banking
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Case Details:
Case Code : FINC047
Case Length : 18 Pages
Period : 2000-07
Pub. Date : 2007
Teaching Note :Not Available
Organization : UBS AG
Industry : Banking
Countries : Bahrain
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Most Innovative Islamic Bank Contd...
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In March 2006, Noriba ceased to be a separate entity when UBS absorbed it completely. This move was taken to bring the full range of services of UBS' integrated business model to all Noriba's clients (Refer Exhibit I for details on UBS' integrated business model). Commenting on UBS' integrated business model, Banker11 in its September 2004 issue noted,
"In June 2003, the bank adopted the single UBS brand for all its major businesses in the world. The successful implementation of this initiative illustrates the
'one firm' philosophy that is integral to UBS. In all these activities, client
focus has been the main driver of expansion and innovation."
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Background Note
UBS
Corporation (SBC) was founded as Basler Bankverein, which later became
Schweizerischer Bankverein in 1897. In 1898, SBC opened its first bank abroad in
London, and much later, added a New York agency in 1939. SBC took over one of
Switzerland's troubled 'big banks,' Basler Handelsbank in 1945.
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In the
1990s, SBC acquired several foreign financial firms like O'Connor and
Associates, Chicago; Brinson Partners Inc., Chicago, and SG Warburg PLC,
London and strengthened its international focus. In 1997, the total
asset of SBC stood at CHF 438.9 billion12.
It had a network of 288 branches within Switzerland and 77 outside. It
had 27,565 employees worldwide.13
Union Bank of Switzerland (UB) was created in 1912 by the merger of
Toggenburger Bank, founded in 1863, and Bank in Winterthur, founded in
1862. After the First World War, UB strengthened itself in various Swiss
regions by taking over numerous banks and setting up its own branches. |
In 1945, it acquired Eidgenössische Bank, one of 'big banks'
of Switzerland which was not doing well. By 1962, UB was the biggest bank in
Switzerland. It acquired Swiss based Interhandel in 1967 and Phillips & Drew in
1986...
Excerpts >>
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