UBS has received conditional approval from the Office of the Comptroller of the Currency (OCC) on its application for a US national bank charter.
In a statement on LinkedIn, UBS says the decision “marks a significant step toward securing final approval which is expected later this year”, as the Swiss bank looks to expand its operations in the country.
The company’s American subsidiary, UBS Bank USA, was first incorporated in 1990 and currently operates under a Utah state charter, providing a range of wealth management services with its headquarters based in Salt Lake City.
UBS first applied for a national bank charter in late October 2025 with the aim to build out its US presence and product offering.
According to Reuters, should the charter be approved, UBS would be the first Swiss bank to obtain a national bank licence in the US.
