UBS Seeks US Banking Licence to Strengthen Wealth Management Expansion
UBS confirmed on Monday that it has applied for a US banking licence, marking a major step in its strategy to expand wealth management operations in the world’s largest economy. The move highlights the Swiss bank’s determination to grow internationally, even as domestic regulators in Switzerland push for stricter limits on its global ambitions.
UBS Looks to Expand Beyond Swiss Regulations
Following its 2023 acquisition of Credit Suisse, UBS has faced tougher regulatory scrutiny at home. Swiss authorities have proposed new capital rules that UBS says could make international growth “more expensive” and limit its competitive edge.
While executives maintain that UBS will remain headquartered in Zurich, insiders suggest the bank is exploring options to strengthen its overseas presence. Establishing a stronger foothold in the US could help UBS meet investor expectations for higher returns and diversify beyond the European market.
UBS Files Application for US National Bank Charter
In an internal memo seen by Reuters, Rob Karofsky, President of UBS Americas, and Michael Camacho, Head of UBS Global Wealth Management US, confirmed that the bank has applied for a National Bank Charter for UBS Bank USA.
“This step is part of our long-term goal to build on UBS’s status as a premier global wealth manager in the US and invest in areas that will drive growth,” the memo said.
The bank aims to use the licence to expand into key financial services, including checking and savings accounts, mortgages, and broader retail banking solutions.
Licence Expected by 2026
UBS anticipates regulatory approval by 2026, which would make it the first Swiss bank to hold a US national banking licence. However, UBS emphasized that the application does not signal any immediate product launches. The process will unfold gradually, with new services rolled out in phases over the coming years.
The US wealth management market remains UBS’s most important growth engine, particularly as over 1,000 new millionaires were created daily in 2024. Strengthening its American operations will help the bank close profitability gaps with larger rivals like Morgan Stanley, which achieved major gains after acquiring Smith Barney.
UBS CEO Sergio Ermotti and Chairman Colm Kelleher have both underscored the need for scale and product diversity in the US wealth segment. Ermotti said the bank still operates with “the cost base of a much larger organization” but lacks the product range to fully capitalize on its global potential.
