UBS Gets Final Nod for US Bank License Amid Growth Push
(Bloomberg) — UBS Group AG has been given the green light for a full-blown US bank license in a boost for the bank’s ambitions to grow in the region.
The Swiss lender “has received approval to convert our US bank, UBS Bank USA, to a nationally chartered bank,” it said in a LinkedIn post on Friday. It’s “an important milestone which underscores our long‑term commitment to the US and the continued investments we’re making.”
The charter is a cornerstone in an ambitious effort by Chief Executive Officer Sergio Ermotti and UBS Americas President Rob Karofsky to boost profitability. While the division is big — it oversaw $2.3 trillion in invested assets across the Americas at the end of last year — UBS has long been vocal about the need to improve performance.
UBS is planning to expand offerings for wealth clients to include payments, checking and savings account services, and a wider selection of products.
Separately, the Swiss bank recently revamped its compensation model for financial advisers by raising the payouts and benefits that they get in an attempt to retain and hire more staff in the region.
The bank had seen high levels of attrition in the last few years and worked toward curbing the defections. It currently operates with a regional network of about 5,800 financial advisers who, while they deliver UBS products to clients, are more loosely bound to the bank than regular employees.
Chairman Colm Kelleher once said the bank would eventually look to buy another US wealth manager, once the integration of Credit Suisse — which it agreed to buy three years ago — is complete.
UBS is nearing the end of that process. The takeover has beefed up the US investment bank, which it plans to use to sign on entrepreneurs and rich individuals as clients for its private banking business.
The bank said the US banking charter doesn’t change anything for clients for now. They will continue to have the same account and cash management services through their financial advisers.
UBS filed an application in October in order to help UBS Bank USA expand offerings for wealth management clients. It got a conditional nod from the Office of the Comptroller of the Currency in January.
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