UBS has taken a significant step toward establishing a national bank presence in the United States after receiving conditional approval from the country’s banking regulator.

The Swiss financial institution received initial green-lighting from the US Office of the Comptroller of the Currency (OCC), setting off the first phase of a multi-step licensing process. Final authorization hinges on UBS fulfilling various regulatory requirements, with potential clearance anticipated as early as 2026.

Incorporating this national bank charter would enable UBS to operate retail banking services such as checking accounts, savings accounts, and residential mortgages alongside its existing wealth management offerings in the US. This move would place UBS at the forefront among Swiss banks holding a national bank charter in the United States.

Expansion Strategy and Regulatory Environment

In October, UBS submitted an application for a full banking license to expand its wealth management and banking operations in the US market. This strategic move aligns with the firm’s long-term vision of integrating its business practices more closely with American competitors to enhance growth.

However, UBS is operating under a more stringent regulatory landscape following its emergency purchase of Credit Suisse in 2023. Swiss authorities have proposed stricter capital requirements for globally active banks, particularly affecting foreign subsidiaries. These measures are designed to mitigate systemic risk but may increase the cost of international expansion.

Despite these challenges, UBS remains focused on improving profitability and competitiveness in the US market by competing directly with leading American financial institutions. The conditional approval from regulators indicates a favorable reception of the proposal, though UBS will continue to face regulatory oversight as it progresses toward final authorization.