The combined banking giant is seeking approval to operate as a national bank in the U.S.—a move aimed at addressing a longstanding weakness.
Unlike in Switzerland, US banking clients tend to be more closely tied to their advisors than to the institutions themselves. This dynamic resembles the broker model familiar in Switzerland.
To reduce its dependency and expand its range of banking services, UBS is pursuing a national bank license in the US. A spokesperson for the bank confirmed a report on the matter by «Handelsblatt».
Two Trillion Dollars in Managed Assets
The US market is crucial for the combined banking group. Nearly half of UBS’s Wealth Management revenue – its core business – is generated in this region. The numbers speak for themselves: UBS oversees $2 trillion in client assets across North and South America.
However, the bank’s current lack of a nationwide license limits its potential. That’s about to change. With a national bank license, regulated by the Office of the Comptroller of the Currency (OCC), UBS would be able to accept demand deposits and offer additional credit products across the country.
