The ribbon industry and the financial centre

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The silk ribbon industry was the matrix of the Basel financial centre. It created the capital from which the private banks of Basel emerged. It trained merchants in the management of working capital, bills of exchange, credit risk and exchange risk. It established networks of correspondents in the principal commercial and financial centres of Europe and the Americas. It developed a culture of prudence, discretion and long-term management of family wealth. And it prepared the chemical industry, whose capital needs would later require the services of the Basel banks and whose global expansion would make Basel a centre of corporate finance.

The relationship between industry and finance in Basel has thus always been close. Geneva's banking developed largely from the international business of Huguenot bankers and from lending to foreign states; Zurich's banking was shaped by the financing of railways and industry through large joint-stock banks; Basel's banking developed from within the city's own industry, as the financial arm of the merchant-manufacturers. This origin explains the character of the Basel financial centre: conservative, family-based, closely connected with industry and discreet.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of August 2025.

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Dr Alexander Ressos, TEP

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I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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