UBS then continued to grow through acquisitions, including Aargauische Kreditanstalt in 1919, Eidgenössische Bank [de] in 1945, Interhandel Basel in 1967, Phillips & Drew in 1986, and Schröder, Münchmeyer, Hengst & Co. in 1997 among others.

The bank established a position as a leading European underwriter of Eurobonds and pulled off a major coup in 1985 by pricing a large bond offering for Nestlé, Rockwell, IBM, and Mobil at below market rates.

[2] The bank also made two major acquisitions in 1986, first it purchased Phillips & Drew an established British brokerage and asset management firm, founded in 1895.

At the time of the acquisition, which resulted in approximately US$100 million for Chase, the business managed in excess of US$30 billion in public and private pension plans, as well as various financial assets of corporations, governments, foundations and endowments.

[8] During the mid-1990s, UBS came under fire from dissident shareholders, critical of bank's relatively conservative management and lower return on equity.

[9] Martin Ebner, through his investment trust, BK Vision became the largest shareholder in UBS and attempted to force a major restructuring of the bank's operations.

[12] Ebner, who supported the idea of a merger, led a major shareholder revolt that resulted in the replacement of UBS's chairman, Robert Studer.

[14] Discussions between the two banks had begun several months earlier, less than a year after rebuffing Credit Suisse's merger overtures.

[2] Additionally, UBS professionals suffered more headcount reductions, particularly in the investment banking unit where there were heavy cuts in the corporate finance and equities businesses.

[21][22] It would become clear that the derivatives losses prompted UBS to accept the terms proposed by Swiss Bank more readily than they otherwise would have.

The bank would be involved in funding the Swiss Locomotive and Machine Works, the hotel Baur au Lac in Zürich and many other companies.

[27] In 1882, Toggenburger Bank opened a branch in St. Gallen in eastern Switzerland and began to shift its operations there through the end of the 19th century.

Through the next few years, the bank would begin to shift its operations to Zürich from its historical headquarters in the cities of Winterthur and St. Gallen, Switzerland.

In 1920, UBS acquired Banca Svizzera-Americana with branches in Locarno and Lugano; Unionbank Geneva and Banque Henry Rieckel & Cie., based in La Chaux-de-Fonds.

[7] However, the bank continued to acquire smaller, weaker competitors, purchasing Banca Unione di Credito in Lugano and Chiasso in 1935 followed by Berner Handelsbank in Bern in 1938.

During his chairmanship, the bank changed its focus from its original lending business and began to expand its issuing and asset management franchise.

[citation needed] On the eve of World War II, UBS was the recipient of a large influx of foreign funds for safekeeping.

[37] In January 1997, Christoph Meili, a night watchman at the Union Bank of Switzerland, found employees shredding archives compiled by a subsidiary that had extensive dealings with Nazi Germany.

UBS acknowledged that it had "made a deplorable mistake", but an internal historian maintained that the destroyed archives were unrelated to the Holocaust.

[41][42][43] By contrast, in the U.S., Meili was largely regarded as a hero and whistleblower and received a particularly warm reception from the American Jewish community.

Negotiations involving Union Bank of Switzerland, Credit Suisse, the WJC and Stuart Eizenstat, on behalf of the U.S., ultimately resulted in a settlement of US$1.25 billion in August 1998.

The bank established a position as a leading European underwriter of Eurobonds and pulled off a major coup in 1985 by pricing a large bond offering for Nestlé, Rockwell, IBM, and Mobil at below market rates.

[2] The bank also made two major acquisitions in 1986, first it purchased Phillips & Drew an established British brokerage and asset management firm, founded in 1895.

At the time of the acquisition, which resulted in approximately US$100 million for Chase, the business managed in excess of US$30 billion in public and private pension plans, as well as various financial assets of corporations, governments, foundations and endowments.

[9] Martin Ebner, through his investment trust, BK Vision became the largest shareholder in UBS and attempted to force a major restructuring of the bank's operations.

[12] Ebner, who supported the idea of a merger, led a major shareholder revolt that resulted in the replacement of UBS's chairman, Robert Studer.

[14] Discussions between the two banks had begun several months earlier, less than a year after rebuffing Credit Suisse's merger overtures.

[2] Additionally, UBS professionals suffered more headcount reductions, particularly in the investment banking unit where there were heavy cuts in the corporate finance and equities businesses.

[2] The Federal Reserve Bank of New York organized a bailout of US$3.625 billion by the hedge fund's major creditors to avoid a wider collapse in the financial markets.

The following is an illustration of the company's major mergers and acquisitions and historical predecessors, although this is not necessarily a comprehensive list:[60] Bank in Winterthur(est.