Published on
March 21, 2026
UBS Obtains US Banking Licence To Expand Wealth Management
UBS obtained a U.S. national bank charter to expand wealth-management services including deposits and mortgages.
ZURICH, March 20 (Reuters) – UBS has successfully secured a national banking license in the United States, marking a key step in the Swiss bank’s efforts to expand and strengthen its wealth management capabilities in the world’s largest economy. The approval was granted by the Office of the Comptroller of the Currency, as confirmed by UBS on Friday.
"This will strengthen our momentum in the U.S. and it reinforces our ambition to lead as a premier global wealth manager", said Rob Karofsky, President of UBS Americas, in a video statement shared via LinkedIn.
Unlocking New Opportunities in Everyday Banking
The bank’s achievement follows its application to convert its U.S. subsidiary, UBS Bank USA, into a nationally chartered bank. This pivotal move allows UBS to broaden its service offerings to include products such as checking accounts, savings accounts, and mortgages, placing it on a more level playing field with domestic U.S. lenders.
Brian Carlin, UBS’s head of global wealth management U.S., highlighted the significance of this milestone. "We’re now going to go head-to-head with offering everyday banking", he said. However, Carlin cautioned that building up the new services and client base would require time. According to an unnamed source familiar with the matter, these new banking products are expected to become available toward the end of 2027.
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U.S. Market: A Crucial Growth Frontier
UBS’s ambitions in the U.S. market are underpinned by its status as a critical growth area for wealth management. The bank is capitalizing on a growing pool of high-net-worth individuals, with more than 1,000 people becoming millionaires in the U.S. each day as of 2024.
Despite its significant presence, UBS faces stiff competition, particularly from U.S.-based financial powerhouses like Morgan Stanley, which maintain higher profitability. Analysts and industry sources have noted that UBS has faced challenges in revamping its U.S. business, including the loss of billions of dollars in client assets and nearly 200 financial advisers.
Strategic Moves Amid Regulatory Challenges
The decision to deepen its foothold in the U.S. comes amid tightening banking regulations in Switzerland. Since UBS acquired its troubled rival Credit Suisse in 2023, the Swiss government has taken steps to make the banking sector less risky, proposing stricter regulations. UBS has been critical of these measures, arguing that they impose excessive capital requirements, potentially putting the bank at a competitive disadvantage.
As UBS works to meet investor expectations for higher returns, the U.S. expansion offers a promising avenue for growth. The bank’s new national license marks a significant step forward in its strategy to compete more effectively and offer a wider range of services in a competitive market.
