Switzerland’s UBS has applied for a banking licence in the US, signalling its ambition to expand its wealth management services, reported Reuters.
According to an internal memo obtained by the news agency, UBS Americas president Rob Karofsky and UBS Global Wealth Management US head Michael Camacho said that the bank has submitted its application for a National Bank Charter for UBS Bank USA.
The acquisition of this licence would enable UBS to offer a suite of services on par with other banks in the US, including checking and savings accounts, as well as mortgage products.
The bank expects to receive the necessary regulatory approval in 2026. Should the licence be granted, UBS would become the inaugural Swiss bank to hold such a licence in the US market, the report added.
The memo also stated that while the application does not indicate an immediate introduction of new products, it does lay the groundwork for future expansion.
The memo reads: “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.”
UBS has outlined a phased, multi-year approach to developing and launching new services and products.
Last year, UBS CEO Sergio Ermotti said that despite having the cost structure of a larger entity, it needs to enhance its product offerings to fully capitalise on its capabilities.
Recently, UBS Group revealed the upcoming changes to its executive board that would take effect from the beginning of 2026, as well as the retirement of board of directors’ vice chairman Lukas Gähwiler.
