UBS Group AG announced that it has received a first conditional approval from the Office of the Comptroller of the Currency to obtain a national bank charter for its U.S. franchise. The approval, granted on January 15 2026, allows UBS to offer a full suite of banking products—including checking and savings accounts, as well as expanded lending—to its wealth‑management clients, a capability it has lacked under its existing state‑level charter.
The conditional approval is a key regulatory milestone that could add hundreds of basis points to UBS’s net‑interest income. By gaining a national charter, UBS can capture a larger share of the U.S. balance sheet, narrowing the margin gap with domestic competitors such as Morgan Stanley and JPMorgan Chase. UBS’s U.S. wealth‑management revenue accounts for a significant portion of the bank’s earnings, and the charter is expected to strengthen its long‑term earnings profile by deepening client relationships and increasing cross‑sell opportunities.
Rob Karofsky, President of UBS Americas, said the approval “reinforces UBS’s strategy to become the premier global wealth manager in the United States.” He added that the charter will enable the firm to “consolidate services under one roof, improve operational efficiency, and deliver a more integrated financial experience to our high‑net‑worth clients.” Michael Camacho, Head of UBS Global Wealth Management U.S., highlighted that the move addresses a “profitability gap” between UBS’s U.S. operations and peer firms, and will help the bank compete more effectively in the U.S. market.
The Office of the Comptroller of the Currency issued the conditional approval after reviewing UBS’s application, filed in October 2025, and found the bank’s business plan, capital, and management to be sound. The approval is conditional on meeting standard and special requirements, but it signals strong regulatory confidence in UBS’s ability to operate as a national bank. The approval also positions UBS to leverage its recent acquisition of Credit Suisse assets, further expanding its U.S. footprint.
Market reaction to the approval has been positive, with analysts noting that the charter is a “major regulatory step” that could unlock new revenue streams and improve profitability. The approval is seen as a critical driver of UBS’s recovery narrative and valuation, as it brings the bank closer to the competitive parity enjoyed by U.S. giants that already offer integrated banking and wealth‑management services.
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