In 1912, the Bank of Winterthur merged with Toggenburger Bank to form the Union Bank of Switzerland (UBS) and grew rapidly after the Banking Law of 1934 codified Swiss banking secrecy. Following decades of market competition between the SBC and UBS, the two merged in 1998 to create a single company known solely as "UBS".[nb 3] During the early 2000s, the commensurate rise of UBS and Credit Suisse established a legally-sanctioned oligopoly on Swiss private market activity. After UBS managed heavy losses during the 2008 financial crisis with an asset relief recovery program, it was hit by the 2011 rogue trader scandal resulting in a US$2 billion trading loss.