Today , we are excited to share an important milestone in our US growth strategy – filing our application for a National Bank Charter for UBS Bank USA,"  Rob Karofsky, co-president global wealth management and president of UBS Americas, and Michael Camacho, head of UBS Global Wealth Management US, said a memo shown to this publication. 

"This step is part of our long-term goal to build on UBS’s status as a premier global wealth manager in the US and invest in areas that will drive growth. A National Bank Charter will provide the foundation for UBS Bank USA to build a platform that over time will expand its banking services for US wealth management clients – adding essential bank-provided payments, checking and savings account services to the broader firm’s existing cash management capabilities," they said.

"Our US clients hold significant deposits and largely rely on other banks for their everyday banking needs. With our ongoing investments in technology, we have a clear opportunity to build a modern, core banking platform with advanced mobile, AI and digital features for a seamless, client-first experience.

"A national charter is a key step in our strategic Build the Bank program, a multi-year effort to develop new products, systems, and technology, which is already underway," they said. 

UBS said it anticipates approval in 2026, subject to the regulator’s discretion. UBS would be the first Swiss bank to obtain a National Bank Charter in the US.