UBS Makes Progress in U.S. Banking License Application, Accelerates Wealth Management Business Growth
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By:格隆汇
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Glonghui Jan 16|According to US media reports, UBS Group has moved a step closer to obtaining its national bank charter for its US operations after receiving preliminary conditional approval. The Swiss bank submitted its application in October, aiming to help UBS US Bank expand services for its wealth management clients. According to a spokesperson, the lending institution has since received permission from the Office of the Comptroller of the Currency. The spokesperson said in an email: “This milestone marks an important step in our process to ultimately secure a national bank charter, further demonstrating UBS’s commitment to growth and reinforcing our position as a top global wealth management institution in the US.” UBS has long stated publicly that it needs to improve the performance of its US wealth management division. The region, along with Switzerland, is UBS’s largest source of revenue, but its expenditures are also much higher. Chairman Colm Kelleher has indicated that once the integration of Credit Suisse is complete, UBS will eventually consider acquiring another US wealth management company. According to sources familiar with the matter, the second and final approval for the application has not yet been completed and may be obtained in the second half of this year.
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