UBS approved for US banking licence

20th Mar 2026 13:32

(Sharecast News) - US regulators have approved UBS for a full banking licence, adding checking and savings account services to one of the Swiss bank's largest regions for wealth management.

The firm has been granted a national bank charter, issued by the Office of the Comptroller of the Currency, which should see the bank broaden its client base beyond just the ultra-high-net-worth-individuals it typically serves.

According to a report by the Wall Street Journal on Friday, the move is part of UBS's plan to make the region more profitable, since it currently operates with a much higher cost base. The Americas makes just over half of UBS's $4.7trn in invested assets.

It is also thought to help the bank reduce its exposure to the Swiss market, where regulators have tightened capital requirements following the collapse of Credit Suisse - now part of UBS - in 2023.

Last year's announcement of the stricter capital controls, which UBS protested, have prompted calls for the bank to leave its domestic market and set up base in the States.

According to the WSJ, however, citing UBS's Americas president, Rob Karofsky, the ambition of securing a national bank charter in the US is not related to capital discussions in Switzerland.

UBS shares were down 1.4% at CHF28.89 before the close in Zurich.