UBS has made a strategic move to enhance its banking operations and reduce reliance on traditional banking models by applying for a national bank license in the United States.

This step is aimed at better aligning with the U.S. market, where client relationships are often more closely tied to individual advisors rather than the banking institutions themselves.

The U.S. market is crucial for UBS, as it contributes almost half of its Wealth Management revenue.

Currently, UBS manages $2 trillion in client assets across North and South America, but its growth potential has been limited due to the lack of a nationwide license.

If UBS secures a license from the Office of the Comptroller of the Currency (OCC), it will be able to accept demand deposits and offer a wider range of credit products nationwide, significantly expanding its service capabilities.