PostFinance is the financial services unit of Swiss Post which was founded in 1906. It is the fifth[citation needed] largest retail financial institution in Switzerland. In 2013, the Swiss Financial Market Supervisory Authority (FINMA) awarded PostFinance a bank licence. In 2015, PostFinance was declared a "Systemically important financial institution" in Switzerland by the Swiss National Bank, which means the bank must follow special regulations with regards to liquidity and equity.