Banque de Commerce et de Placements - BCP was established in 1963 as a Swiss bank under Swiss Banking Law and Regulations and is supervised by FINMA - the Swiss financial markets supervisory authority. In 1991, Borak S.A., a Swiss holding company, bought the majority shares of BCP, with the remaining shares owned by Union Bank of Switzerland (UBS). In 1996, Yapi ve Kredi Bankasi A.S. of Turkey purchased UBS' shareholding.