Finance
UBS Says It Has Secured U.S. Bank Licence
Published by Global Banking & Finance Review®
Posted on March 20, 2026
2 min readLast updated: March 20, 2026
Quick Summary
UBS has obtained a conditional national bank charter in the U.S., reinforcing its ambition to deepen wealth‑management services and expand banking offerings for high‑net‑worth clients in America.
UBS says it has secured US bank licence
UBS Expands Presence in the United States with National Banking Licence
UBS Secures National Banking Licence
ZURICH, March 20 (Reuters) - UBS has secured a national banking licence in the United States, the Swiss lender said on Friday, underlining its desire to ramp up wealth management in the world's biggest economy.
Leadership Statement on U.S. Ambitions
Rob Karofsky, President UBS Americas, said in a memo posted on social media that the U.S. licence reinforced the bank's confidence in its U.S. business and its ambition to strengthen UBS's position as a global wealth manager.
Confirmation of Announcement
A spokesperson for the bank confirmed the authenticity of the memo.
Implications of the National Charter
Expanded Services for U.S. Clients
UBS said in October last year it had applied for approval to convert its U.S. bank, UBS Bank USA, to a nationally chartered bank, which will allow it to match the full range of services offered by U.S. lenders, including checking accounts, savings accounts and mortgages.
Strategic Importance of the U.S. Market
UBS sees the U.S., where more than 1,000 people became millionaires every day in 2024, as the most important growth market in its core wealth management business.
Challenges and Future Outlook
Competition and Internal Challenges
But UBS is less profitable than leading U.S. banks, such as Morgan Stanley. The Swiss lender is also facing obstacles in revamping the business after losing billions of dollars in client assets and nearly 200 financial advisers, according to analysts and industry sources, Reuters reported this week.
Impact of Credit Suisse Acquisition
The need to fix the U.S. business has taken on extra urgency since UBS bought Credit Suisse after its former rival's collapse in 2023.
Regulatory and Investor Considerations
UBS has since been faced with new regulations in Switzerland that it views as extreme, and establishing a more solid U.S. base could help it grow its business as it seeks to satisfy investor demands for greater returns.
Reporting Credits
(Reporting by Oliver Hirt; Writing by Dave Graham Editing by Ludwig Burger and Jane Merriman)
Key Takeaways
- •UBS has moved from application to conditional approval by the U.S. Office of the Comptroller of the Currency, marking a major regulatory milestone toward a full U.S. national bank charter (beyondspx.com)
- •This licence allows UBS to offer a full suite of retail banking services—including checking, savings accounts, mortgages and expanded lending—enhancing its wealth management cross‑sell opportunities (beyondspx.com)
- •The U.S. charter strengthens UBS’s strategic aim to close its U.S. profitability gap with competitors and consolidate its position as a leading global wealth manager by offering integrated banking services (beyondspx.com)
References
Frequently Asked Questions about UBS says it has secured U.S. bank licence
1What has UBS announced regarding its U.S. operations?
UBS has announced that it secured a U.S. banking license, enabling the bank to expand its wealth management services in the United States.
2Why is the U.S. banking license important for UBS?
The U.S. banking license reinforces UBS's strategy to strengthen its position as a leading global wealth manager and demonstrates confidence in its U.S. business.
3Who confirmed the authenticity of the UBS U.S. license announcement?
A spokesperson for UBS confirmed the authenticity of the memo announcing the U.S. banking license.
4Who is Rob Karofsky and what did he say about the license?
Rob Karofsky is the President of UBS Americas. He said the license demonstrates confidence in UBS's U.S. business and supports its ambition to grow as a global wealth manager.
