Switzerland’s UBS has utilized for a banking licence within the US, signalling its ambition to increase its wealth administration providers, reported Reuters.
In line with an inside memo obtained by the information company, UBS Americas president Rob Karofsky and UBS International Wealth Administration US head Michael Camacho mentioned that the financial institution has submitted its utility for a Nationwide Financial institution Constitution for UBS Financial institution USA.
The acquisition of this licence would allow UBS to supply a set of providers on par with different banks within the US, together with checking and financial savings accounts, in addition to mortgage merchandise.
The financial institution expects to obtain the required regulatory approval in 2026. Ought to the licence be granted, UBS would change into the inaugural Swiss financial institution to carry such a licence within the US market, the report added.
The memo additionally said that whereas the appliance doesn’t point out a right away introduction of recent merchandise, it does lay the groundwork for future growth.
The memo reads: “This step is a part of our long-term objective to construct on UBS’s standing as a premier international wealth supervisor within the US and put money into areas that can drive development.”
UBS has outlined a phased, multi-year strategy to growing and launching new providers and merchandise.
Final yr, UBS CEO Sergio Ermotti mentioned that regardless of having the price construction of a bigger entity, it wants to reinforce its product choices to totally capitalise on its capabilities.
Not too long ago, UBS Group revealed the upcoming adjustments to its govt board that will take impact from the start of 2026, in addition to the retirement of board of administrators’ vice chairman Lukas Gähwiler.
“UBS recordsdata for US banking licence to reinforce wealth administration choices– report” was initially created and printed by Personal Banker Worldwide, a GlobalData owned model.
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