UBS has received permission to convert its American division into a nationally chartered bank

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

With the national charter, UBS aims to strengthen the US banking platform, improve service to clients and financial advisors, and lay the foundation for future growth. The move reinforces its commitment to maintaining strong service and stability standards.

“This milestone positions us well for our next phase of growth as we work to strengthen our US banking platform and enhance how we serve clients and advisors,” said Rob Karofsky, co-president of Global Wealth Management and president of UBS America.

Karofsky added, “Charter supports our US growth strategy by enabling continued investments in a modern, full-service banking platform, which is delivering a more seamless customer-first experience. We have meaningful opportunities to grow lending and grow operating assets and profitability.”

Brian Carlin, head of US banking, said the bank's core capabilities have not changed, but the transition to a national charter will allow it to expand its customer base and the products and services it offers.

He added that the move will allow UBS to compete directly in everyday banking, allowing customers to manage their assets on the platform while accessing services from trusted financial advisors, with plans to expand offerings over time to include personal and business needs.

UBS eyes crypto offerings while building digital capabilities

UBS is cautiously weighing a move into crypto services for select clients as part of its push into digital assets.

The Swiss lender is evaluating targeted offerings such as tokenized deposits and plans to adopt a “fast follower” approach to asset tokens over the next three to five years to expand its presence and complement existing services.

As UBS evaluates partnerships for its digital asset platform amid growing institutional competition, any crypto rollout is likely to begin at some stage for select wealthy clients, possibly starting in Switzerland.