UBS has received conditional regulatory approval that brings it closer to securing a US national bank charter, underscoring its commitment to expanding its wealth management business in a key growth market.
UBS has moved closer to securing a national bank charter in the United States after receiving an initial conditional approval from regulators, marking an important milestone in the Swiss lender’s expansion plans in its largest growth market. The bank said the approval represents a significant step towards final authorisation, which would further strengthen its ambition to deepen its wealth management presence across the US.
UBS submitted its application for a full US banking licence in October as part of a broader strategy to grow its domestic franchise, despite increasing scrutiny from regulators in Switzerland over the scale of its international operations. Since the collapse of Credit Suisse and its subsequent rescue by UBS, Swiss authorities have signalled a tougher regulatory stance, proposing higher capital requirements to support overseas businesses, a move that Finance Minister Karin Keller-Sutter has warned would raise the cost of international expansion.
Nevertheless, UBS continues to view the US as a critical engine of future growth and has prioritised efforts to close the profitability gap with leading American banks. The conditional approval was granted by the US Office of the Comptroller of the Currency and represents the first formal stage of the licensing process. Final approval could follow in 2026, provided the bank meets a number of requirements set by US regulators.
If the licence is ultimately granted, UBS would become the first Swiss bank to hold a national bank charter in the United States, enabling it to offer a full suite of retail banking services, including current and savings accounts as well as mortgage lending.
