Towards the railway age

In the 1840s and 1850s, a new capital need appeared that exceeded the resources of individual private banks: the railways. The construction of railway lines required capital on a scale never seen before in Switzerland, which the private banks of Basel could not provide individually. In 1854, six Basel private banks formed a consortium, the Bankverein, to finance railway construction and other large projects jointly. The consortium placed railway bonds and shares, provided loans and participated in the foundation of railway companies.

The consortium of 1854 was the seed of the Basler Bankverein, a joint-stock bank founded in 1872, which through mergers became the Swiss Bank Corporation, the Schweizerischer Bankverein, one of the largest banks of Switzerland. In 1998, the Swiss Bank Corporation merged with the Union Bank of Switzerland to form UBS. The largest bank of Switzerland, and one of the largest wealth managers in the world, thus has one of its roots in the cooperation of six Basel private banks in 1854. Part D examines this development.

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

Rechtsanwalt/Attorney-at-Law

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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