How Many Banks Are Currently Operating in Switzerland?
Gain clarity on the current number of banks in Switzerland, exploring the diverse institutions and their robust regulatory oversight.
Switzerland has a long-standing reputation as a leading global financial center, built on a rich tradition of banking. Its commitment to stability, discretion, and a diverse range of financial services has positioned it as a prominent player in the global economy, supporting a dynamic banking industry.
Current Number of Banks in Switzerland
The number of banking institutions in Switzerland fluctuates due to new licenses, mergers, and occasional closures. As of 2024, the Swiss National Bank (SNB) reported 230 banks operating within Switzerland, a decline of six from 236 in 2023. The precise number can shift periodically as institutions consolidate or new entities emerge.
While the total number of banks has seen some reduction, the sector remains comprehensive, encompassing a variety of banking models. The Swiss National Bank compiles official statistics, providing detailed data on the banking sector’s evolution and composition.
Categories of Swiss Banks
The Swiss banking sector is diverse, with distinct categories of institutions, each with specific business models and client focuses. Among the prominent categories are the “big banks,” which include institutions like UBS, playing a significant role in both domestic and international finance. These large entities often provide a wide array of universal banking services.
Cantonal banks are typically owned by the cantons (Swiss states) and primarily serve their respective regional populations and businesses. Regional and savings banks operate on a more localized level, catering to the banking needs of specific communities. Private banks focus on wealth management and personalized services for high-net-worth individuals. Raiffeisen banks function as cooperative institutions, emphasizing member-centric services. The sector also includes foreign-controlled banks and branches of foreign banks, which extend the global reach and diverse offerings within the Swiss financial market.
Regulatory Framework and Official Statistics
The Swiss financial market operates under a comprehensive regulatory framework ensuring stability and integrity. The primary body overseeing banks and other financial institutions is the Swiss Financial Market Supervisory Authority (FINMA). FINMA is an independent government institution tasked with prudential supervision, monitoring financial firms for sound operation and legal compliance, including granting banking licenses.
FINMA employs a risk-oriented approach to supervision, categorizing banks based on their size, complexity, and potential systemic impact; institutions in categories 1 and 2 receive more intensive oversight. FINMA also delegates some oversight to private auditing companies, forming a “dual system” of supervision. The Swiss National Bank (SNB) complements FINMA’s role by contributing to financial stability and collecting banking statistics. The SNB’s data portal provides official figures on the number and categories of banks. FINMA also publishes various figures and statistics related to its supervisory activities and the performance of supervised institutions.