Jan 15 (Reuters) - Swiss bank UBS is a step closer to getting a national bank charter for its U.S. franchise after receiving a first conditional approval, the company said on Thursday. "This milestone
UBS Advances Toward National Bank Charter Approval for U.S. Operations
UBS's Journey Toward U.S. Banking License
Jan 15 (Reuters) - Swiss bank UBS is a step closer to getting a national bank charter for its U.S. franchise after receiving a first conditional approval, the company said on Thursday.
Conditional Approval Received
"This milestone marks a significant step toward securing final approval of our National Bank Charter, reinforcing UBS's commitment to growth and strengthening our position as the premier global wealth manager in the U.S," a UBS spokesperson said.
Future Steps and Timeline
UBS applied for a full banking licence in the United States in October in a bid to grow its wealth management business in the U.S. even as regulators in Switzerland have sought to limit its reach abroad.
Significance of the License
The Swiss bank received conditional approval from the U.S. Office of the Comptroller of the Currency, UBS said, which is the first step in the licensing process.
The second and final approval could follow in 2026, subject to UBS fulfilling several conditions set by U.S. authorities.
If granted, UBS would be the first Swiss bank to obtain such a licence in the United States, allowing it to match the full range of services offered by U.S. banks, including checking accounts, savings accounts and mortgages.
(Reporting by Federica Mileo in Barcelona; Editing by Susan Fenton)
