UBS Seeks Broader US Banking License Amid Growth Ambitions (1)

UBS Group AG has filed an application for a national bank charter for its US franchise as it seeks to expand in the region.

A National Bank Charter will help UBS Bank USA to expand offerings for wealth management clients to include “bank-provided payments, checking and savings account services,” according to a memo seen by Bloomberg News that was confirmed by a spokesperson.

“Our US clients hold significant deposits and largely rely on other banks for their everyday banking needs,” Americas boss Rob Karofsky and the region’s head of wealth management, Michael Camacho, said in the memo. A wider ...