UBS wins approval to convert US unit into nationally chartered bank

UBS has secured final approval from the Office of the Comptroller of the Currency (OCC) to convert its US unit, UBS Bank USA, into a nationally chartered bank. This strategic move is intended to bolster UBS's US banking platform, improve client and advisor services, and support future growth and investment in a modern, full-service banking system. According to Rob Karofsky, co-president of global wealth management, the charter supports their US growth strategy by enabling a more seamless client experience and opening opportunities to grow lending, deposit assets, and profitability. Brian Carlin, Head of Banking US, noted that while core capabilities remain, the national charter allows UBS to broaden its client base and service offerings, enabling more direct competition in everyday banking and allowing clients to consolidate assets. Separately, UBS is cautiously exploring digital asset offerings, including tokenized deposits, adopting a "fast-follower" approach for asset tokenization, potentially starting with select wealthy clients in Switzerland.

(Source：Crypto Briefing)