UBS gains US national banking license to fuel expansion ambitions
UBS has secured a national banking license in the US, marking a major step in its expansion plans. The Swiss bank converted its US entity, UBS Bank USA, into a nationally chartered institution earlier this month. This move allows it to offer the same full range of services as American lenders for the first time.
The license comes as UBS pushes to rebuild its US presence after years of setbacks, including heavy losses in client assets and advisers. The approval arrived on 20 March 2026, following UBS's formal application to upgrade its US operations. With the new charter, the bank can now provide a complete suite of financial services, matching those of domestic competitors. No new branches or subsidiaries have opened yet, as the license was granted only days ago.
The US remains UBS's top priority for growth in wealth management. Executives, including Rob Karofsky, President of UBS Americas, have described the charter as a boost to the bank's momentum in the region. Brian Carlin, head of global wealth management for the US, expects it to widen the client base and service offerings.
Yet challenges persist. UBS still trails behind major US banks like Morgan Stanley in profitability. The acquisition of Credit Suisse in 2023 added pressure to strengthen its American operations. Meanwhile, proposed regulations threatening higher capital requirements have drawn criticism from UBS, which calls them overly strict. The national banking license gives UBS a stronger foothold in the US market. It can now compete more directly with American firms, though profitability and regulatory hurdles remain. The bank's next steps will determine whether it can regain lost ground and expand its client services effectively.
