Conclusion to Part C

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Between the seventeenth century and the Restoration, Geneva became a centre of capital. The influx of refugees, the rise of the Fabrique, the accumulation of fortunes within an educated elite and the financial needs of the great states transformed the small Reformed republic into a player in European finance. Genevan bankers shone in Paris, in London and as far afield as Washington, and two of them directed the finances of France.

This ascent had its reverse side. The concentration of investments in French debt, the ingenious but risky exploitation of life annuities, the political tensions of an unequal society and dependence on neighbouring powers led to a profound crisis, which the annexation of 1798 brought to a head. The financial centre that was reborn after 1815 had learnt from these trials.

Part D traces that rebirth. It shows how, within the framework of modern Switzerland, the Genevan bankers founded or developed the houses that still form the core of Geneva private banking today, how they came through the crises of the nineteenth and twentieth centuries, and how the Federal Banking Act of 1934 enshrined the banking secrecy that would, for a time, make the fortune of the financial centre.

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 September 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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