UBS has received approval from U.S. authorities to convert its U.S. entity, UBS Bank USA, into a nationally chartered bank, the firm announced on LinkedIn.

Rob Karofsky, President UBS Americas, described the move as «an important milestone that underscores our long-term commitment to the U.S. and the continued investments we are making to further strengthen UBS as a leading global wealth manager.»

Broader Range of Banking Services Ahead

With the new charter, UBS will be able to offer a broader range of banking services to its U.S. wealth management clients, including payments as well as checking and savings accounts. «The charter will strengthen our U.S. banking platform, enhance how we serve clients and financial advisors, and position us well for the next phase of growth—while maintaining the high standards that define UBS,» the LinkedIn post states.

U.S. Seen as a Key Growth Market

The initiative forms part of a multi-year program under which UBS aims to develop new products, systems, and technologies. The goal is to build a modern core banking platform featuring digital and AI-driven capabilities.

UBS sees significant potential: while U.S. clients hold substantial deposits, they typically rely on other institutions for day-to-day banking. By expanding its offering, the bank aims to deepen client relationships and strengthen the role of its financial advisors.