UBS Gets First Conditional Approval for US Banking License

UBS Group AG is a step closer to getting a national bank charter for its US franchise after receiving a first, conditional approval.

The Swiss bank filed an application in October in order to help UBS Bank USA expand offerings for wealth management clients. The lender has since gotten the green light from the Office of the Comptroller of the Currency, according to a spokesperson.

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

“This milestone marks a significant step toward securing final approval of our National Bank Charter, reinforcing UBS’s commitment to growth and strengthening our ...