Located in Switerland very close to the Italian border, Argor S.A. Chiasso was established in 1951 and became active in the production of gold and silver bars. With a population of 8,000 residents, but about 20,000 workers, its main industries include banking, insurance, and transportation. The banking business certainly grew because it is on the Italian border and was very popular with Italians smuggling Lire over the border to exchange for Swiss Francs or gold. It is therefore not surprising that Argor S.A. are an important gold and silver refiner based in Chiasso. Argor is now part of UBS (Union Bank of Switzerland), also known as SBG (Schweizerische Bankgesellsch) and Heraeus.