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The first Swiss banking clients were the kings of France - who greatly appreciated the discretion of their money lenders. The Geneva bankers were actually Protestants, who were often of French origin and chased out following the Revocation of the Edict of Nantes by Louis XIV in 1685. Putting the persecution they suffered in France behind them, they continued to finance the King of France from Geneva. At the time there was no better borrower than the king, who had both the ability to pay back his loans and insatiable financing needs. Discretion was of utmost importance, for it could not be made known that the king borrowed from heretic Protestants.

One of the earliest pieces of legislation regulating bank secrecy dates back to this period. In 1713, the Great Council of Geneva (cantonal council) adopted banking regulations which stipulated the bankers' obligation to "keep a register of their clientele and their transactions. They are, however, prohibited from divulging this information to anyone other than the client concerned, except with the expressed agreement of the City Council".

Switzerland then became a political and financial asylum for those fleeing the political upheaval that would tear apart the continent ever since 1789. It provided a profitable safe haven for the funds of noblemen fleeing the Revolution, and the various governments that would follow during the nineteenth century. Napoleon himself was a regular client of one of our partner banks.

Otras páginas de interés:

Federal Banking Act of 1934 Swiss bank secrecy before 1934 History of Swiss bank secrecy: intensified due to pressure from the French Left Swiss bank secrecy tightened due to Nazi spies