UBS Wins Approval to Convert U.S. Bank Charter, Expanding Nationwide Reach

UBS Bank USA was previously a Utah-chartered industrial bank that primarily provided deposit and lending services to affluent and high-net-worth clients. Its conversion into a national bank regulated by the U.S. Office of the Comptroller of the Currency, or OCC, will allow it to operate across states under a consistent federal framework. The change will add everyday banking products and help UBS expand its U.S. wealth management, deposit-taking and lending businesses.

UBS announced on March 20, 2026, that the OCC had approved the conversion of UBS Bank USA, which has $1.6 trillion in assets, into a nationally chartered bank. The bank had received conditional approval only in January 2026. The new charter will broaden the range of clients and products it can serve, while existing customers’ accounts, cash-management services and financial-adviser relationships will remain unchanged.