UBS wins approval to convert US unit into nationally chartered bank

UBS, the Swiss multinational investment bank and one of the world’s largest wealth managers, has obtained final approval from the Office of the Comptroller of the Currency (OCC) to convert UBS Bank USA into a nationally chartered bank, the company announced in a LinkedIn post.

With the national charter, UBS aims to bolster its US banking platform, improving service for clients and financial advisors and laying the groundwork for future growth. The move also reinforces its dedication to maintaining strong service and stability standards.

“This milestone really positions us well for the next phase of growth as we work to strengthen our US banking platform and enhance how we will be able to serve clients and advisors, all while maintaining the high standards that define us,” said Rob Karofsky, co-president of global wealth management and president of UBS Americas.

“The charter, it really supports our US growth strategy by enabling continued investments in a modern full-service banking platform that delivers a more seamless client-first experience as we scale,” Karofsky added. “We have meaningful opportunities to grow lending and deposit activity assets, and profitability.”

Brian Carlin, Head of Banking US, said the bank’s core capabilities remain unchanged, but the transition to a national charter allows it to broaden both its client base and the range of products and services it can offer.

He added that the shift would allow UBS to compete more directly in everyday banking, enabling clients to consolidate assets on its platform while accessing services through trusted financial advisors, with plans to expand offerings over time to include both personal and business needs.

UBS eyes crypto offerings as it builds digital capabilities

UBS is weighing a cautious entry into crypto services for select clients as part of a push into digital assets.

The Swiss lender is evaluating targeted offerings such as tokenized deposits and plans to take a “fast-follower” approach to asset tokenization, aiming to expand its presence over the next three to five years while complementing existing services.

Any crypto rollout would likely begin on a limited basis for select wealthy clients, potentially starting in Switzerland, as UBS assesses partnerships for a digital asset platform amid growing institutional competition.