The Swiss banking giant has received an initial, provisional approval for a «National Bank Charter» in the US. This was reported by the news agency Bloomberg, citing a spokesperson for the bank.

UBS submitted its application for the US license in October. The move is intended to enable the bank to expand the range of services offered by UBS Bank USA, particularly for wealthy clients. According to the spokesperson, the Office of the Comptroller of the Currency has granted its approval.

«This milestone is an important step toward the final approval of our National Bank Charter,» the spokesperson was quoted as saying in an email. «It underscores UBS’s commitment to growth and strengthens our position as a leading global wealth manager in the United States.»

According to the report, a second key approval is still pending. UBS has previously stated that it expects to receive the US license by the end of 2026.