UBS Files National Bank Charter Application with OCC

UBS filed an application with the Office of the Comptroller of the Currency for a national bank charter for UBS Bank USA as it seeks to expand its U.S. footprint. The charter would allow the bank to offer nationwide banking products, including payments, checking and savings accounts, and other services beyond its current Utah state charter. An internal memo from UBS leaders Rob Karofsky and Michael Camacho confirmed the filing and said the move aims to deepen relationships between financial advisors and wealthy clients, increase stickiness and help narrow margin gaps with competitors that earn revenue from ancillary banking services. UBS expects regulatory approval in 2026. The application is part of UBS’s broader effort to bolster its U.S. wealth management business following its global expansion and the Credit Suisse integration.