US EditionUBS Gets OCC Final Approval for US Charter
UBS Bank USA gains national charter, allowing expanded wealth client services and supporting a $2.3 trillion asset base, boosting US market commitment and profitability plans.
- The Office of the Comptroller of the Currency approved UBS Group AG's application to convert UBS Bank USA to a nationally chartered bank, announced on Friday.
- UBS filed its application in October and secured a conditional nod from the Office of the Comptroller of the Currency in January as it pursued the charter amid pressure to curb financial advisers' high attrition.
- UBS's Americas division oversees $2.3 trillion in invested assets and about 5,800 advisers, recently raising payouts to retain and hire staff.
- The new charter lets UBS expand wealth-client services to include payments, checking and savings, but UBS said the US banking charter doesn’t change anything for clients for now.
- Chairman Colm Kelleher said UBS may buy another US wealth manager after completing the Credit Suisse integration, which it agreed to three years ago.
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The new subsidiary UBS Bank USA is expected to offer payment services as well as current and savings accounts in the future. The bank intends to catch up in the coming years.
UBS Secures US National Banking Licence
UBS Group AG (UBSG.S) has been granted a national banking licence in the United States, the Swiss bank announced on Friday. The approval is expected to bolster UBS’s efforts to expand its wealth management operations in the world’s largest economy. UBS, a global financial services firm, provides wealth management, investment banking, and asset management services to individuals, institutions, and corporations worldwide. The bank is headquartered…
With the approval of the U.S. Banking Supervision OCC, UBS Bank USA is moving from a regional niche bank to a nationally licensed institution. This step is taking place precisely at the time when domestic regulation in Bern wants to significantly tighten capital requirements. From niche provider to full bank Up to now, the U.S. subsidiary has only been allowed to offer limited services such as securities-based loans or credit cards under a licen…
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