UBS Gets Final Nod for US Bank License Amid Growth Push (1)

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 ...