UBS has received final approval from the Office of the Comptroller of the Currency for a national bank charter.
“This milestone really positions us well for the next phase of growth as we work to strengthen our U.S. banking platform and enhance how we will be able to serve our clients and advisers,” Rob Karofsky, president of UBS’s Americas division and co-president of global wealth management, said in a video shared on LinkedIn. “It also underscores our long commitment to the U.S. business and investments that we continue to make.”
UBS has operated as a Utah-chartered industrial bank, which allows it to offer basic banking services to affluent clients, including securities-based lending and credit cards.
“Now we’re going to go head-to-head with everyday banking,” Brian Carlin, UBS’s U.S. CEO, added in the video.