UBS Goes «Head-to-Head» Against US Rivals With New License
Swiss financial titan UBS has obtained approval in the US to become a nationally chartered bank and expand its offering to match local rivals.
UBS has received approval to convert its American unit, UBS Bank USA, to a nationally chartered bank, according to an announcement on LinkedIn. This will allow it to offer the full range of services, including payments, checking accounts, savings accounts and mortgages, effectively competing on a level playing field with other US rivals.
«This will strengthen our momentum in the US and it reinforces our ambition to lead as a premier global wealth manager,» said Rob Karofsky, president of UBS Americas, in a video statement.
«We're now going to go head-to-head with offering everyday banking,» added Brian Carlin, head of global wealth management US.
