UBS is seeking broader authorization to operate in the United States, aiming to strengthen its presence in a market designated for growth. As reported by AdvisorHub, the Swiss bank is considering applying for a license with the Office of the Comptroller of the Currency (OCC). The license would streamline its ability to offer loans and accept deposits nationwide.

Chief Executive Officer Sergio Ermotti has made U.S. market growth a strategic priority, particularly the wealth management sector. This focus follows UBS's acquisition of Credit Suisse last year, a move that significantly strengthened UBS's U.S. investment banking division. UBS plans to leverage this enhanced division to attract entrepreneurs and high-net-worth individuals to its private banking services.

To support the expansion, UBS recently made several leadership changes in its investment banking sector, targeting key areas such as health care and leveraged finance. Despite being a global powerhouse in wealth management, UBS trails behind domestic competitors in the U.S., where it operates through a network of more than 6,000 financial advisers who are not directly affiliated with the bank.

UBS Chairman Colm Kelleher has indicated that the bank may eventually pursue the acquisition of a U.S. wealth management firm. However, such a move is unlikely until the full integration of Credit Suisse is complete.

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