UBS Moves to Go Nationwide in the US
UBS has filed for a national banking licence in the US, marking a major step in its ambition to strengthen and expand its American footprint. Approval is expected in 2026, according to an internal memo seen by Swiss news agency SDA/ATS, write Rob Karofsky and Mike Camacho, who lead UBS’s US operations.
The move underscores UBS’s commitment to deepening its presence in the US financial landscape.
Under the already existing state-level charter, UBS can, and has always been able to offer wealth management clients across the US banking services (such as cash management, credit cards, and securities-based lending). However, unlike a regular retail bank, under a state-level charter, the bank is currently limited in what services it can provide.
Expanding Wealth Management Arsenal
The Swiss bank’s application, submitted by its subsidiary UBS Bank USA to the Office of the Comptroller of the Currency (OCC), would enable UBS to offer a broader suite of banking and lending services than today, including traditional bank accounts (checking and savings).
In summary, UBS is seeking to offer a full range of banking services to wealth management clients in the US, making it easier for them to manage their finances in one place. According to the internal memo, reported by SDA/ATS, the licence would pave the way for a gradual expansion of UBS’s service suite.
A Signal of Long-Term Commitment
UBS expects regulatory approval in 2026, pending review by US authorities.
The move comes as UBS continues to solidify its position as the world’s largest wealth manager following its acquisition of Credit Suisse, and as it seeks to balance its global scale with deeper roots in key markets like the US.
