Key Highlights
- UBS received approval to become a nationally chartered bank in the U.S., which allows it to offer full banking services.
- The bank plans to expand into digital assets with caution, including crypto services and tokenized deposits.
- This strengthens UBS’s presence in the U.S. and helps it compete with major banks and attract more clients.
UBS, a Swiss bank, received final approval from the Office of the Comptroller of the Currency (OCC) to convert into a nationally chartered bank in the United States.
This means the bank can now operate as a full bank in the U.S. and offer more services to clients and financial advisers, while preparing to expand into digital assets and crypto-related services over time. The bank announced the approval in a LinkedIn post on Friday.
Access to offer full banking service
The national charter allows UBS to offer services that many U.S.-based banks already provide, such as checking accounts, savings accounts, and mortgages. According to the bank, this step will help improve its platform and allow clients to manage more of their finances in one place.
“The charter will strengthen our US banking platform, enhance how we serve clients and Financial Advisors, and position us well for the next phase of growth—while maintaining the high standards that define UBS,” the bank stated.
The bank added that the new charter will help the bank invest in a “modern full-service banking platform” that gives clients a smoother experience.
Plan to expand client base and digital assets
UBS CEO Brian Carlin noted that while the bank’s core services remain the same, the new structure allows it to reach more clients and expand its product offerings over time.
This includes a plan to gradually add personal and business banking solutions. UBS is also taking a cautious approach to digital assets, exploring crypto services like tokenized deposits.
Any rollout would start with select wealthy clients and could expand over three to five years. The bank said it wants to enter digital assets carefully, learning from the market while complementing its existing wealth services.
Broader context
UBS sees the U.S. as a key growth market, where over 1,000 people became millionaires every day in 2024, according to the bank’s “Global Wealth Report” for 2025. However, the bank has faced challenges in the U.S., including client outflows and competition from banks like Morgan Stanley and JPMorgan Chase.
The need to fix its U.S. business became more urgent after UBS acquired Credit Suisse in 2023. Stronger U.S. operations may also help UBS navigate stricter regulations in Switzerland while attracting more investors.
By combining full-service U.S. banking with selective digital asset offerings, UBS hopes to give clients a platform where they can manage both traditional and digital investments.
The bank plans to use the new charter to grow its U.S. deposits, lending, and wealth management services, while carefully building a presence in crypto and tokenized financial products.
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