UBS has received approval for a national banking licence in the US, following confirmation from the Office of the Comptroller of the Currency.

In a LinkedIn video statement Rob Karofsky said: "This will strengthen our momentum in ​the U.S. and it reinforces our ambition to lead as a premier global wealth ⁠manager."

"We're now going to go head-to-head with offering everyday banking," he said.

According to Brian Carlin, who oversees global wealth management for UBS in the US, obtaining the national charter will pave the way for a wider set of services and a broader client reach, though the rollout is expected to be gradual.

A source familiar with the process indicated to Reuters that products such as checking and savings accounts are likely to become available to clients by late 2027.

The Swiss banking giant applied for a licence in October of last year.

The acquisition of this licence would enable UBS to offer a suite of services on par with other banks in the US, including checking and savings accounts, as well as mortgage products.

Lisa Golia was recently named to lead UBS’s US wealth management advisers in the field, as reported by Reuters.

Golia has most recently served as chief operating officer within the same unit.

Sergio Ermotti, chief executive of UBS, is reportedly preparing to step down in April 2027, according to sources cited by the Financial Times.

For the fourth quarter of 2025, UBS reported net profit attributable to shareholders of $1.2bn, representing a 56% increase compared with the same period a year earlier.

Total group invested assets reached $7tn for the first time, an annual increase of 15%, attributed to market performance, currency effects and net inflows.

On a full-year basis, profit before tax rose to $8.9bn, with underlying profit before tax reaching $11.7bn, up 30% and 33% respectively.

"UBS gains US national bank charter to broaden services " was originally created and published by Private Banker International, a GlobalData owned brand.

 

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