UBS Group AG is a step closer to getting a national bank charter for its U.S. franchise after receiving a first, conditional approval.
The Swiss bank filed an application in October in order to help UBS Bank USA expand offerings for wealth management clients.
The lender has since gotten the green light from the Office of the Comptroller of the Currency, according to a spokesperson.
“This milestone marks a significant step toward securing final approval of our National Bank Charter, reinforcing UBS’s commitment to growth and strengthening our position as the premier global wealth manager in the U.S.,” the spokesperson said by email.
UBS has long been vocal about the need to improve performance in its U.S. wealth management unit.
The region ranks alongside Switzerland as the biggest generator of revenue but expenses are far higher.
Chairman Colm Kelleher has said his bank would eventually look to buy another U.S. wealth management firm, once the Credit Suisse integration is complete.
A second, final approval of the application is still outstanding and could come this year, according to a person familiar with the process.
(Credit: JHVFPhoto/Adobe Stock)
Copyright 2026 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.