The bank said it anticipated approval in 2026, subject to regulators.
Keystone-SDA
UBS has filed an application for a national banking licence in the United States, underlining its growth ambition for the US market.
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This is according to an internal memo sent by Rob Karofsky, the president of UBS Americas, and Mike Camacho, head of UBS Global Wealth Management US, to employees in the United States. The content of the memo from the two high-ranking UBS managers in the USA was confirmed to AWP news agency by a press spokesperson.
UBS Bank USA, based in Salt Lake City, recently submitted an application for a national banking licence to the Office of the Comptroller of the Currency (OCC), the memo continued.
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A national banking licence would allow the UBS subsidiary to offer its banking activities nationwide beyond the current state licence in Utah.
The plan is to gradually expand the existing range of cash management services to include payment transactions, checking and savings accounts.
Translated from German by DeepL/sb
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