UBS Seeks Expanded US Banking License in Growth Push
Bloomberg, 19.11.2024, 2 minutes
EN/DE
$UBSG (+0.54%) is seeking a wider permission to operate in the United States, a market it has earmarked for growth.
The Swiss bank is considering applying for a license under the supervision of the Office of the Comptroller of the Currency, according to a spokesperson, who confirmed a Handelsblatt report. Such an approval would make it easier for UBS to make loans and take deposits across the nation.
Chief Executive Officer Sergio Ermotti has made expanding in the US wealth market a key part of his strategy beyond the immediate integration of Credit Suisse, which the bank bought last year. The takeover has beefed up UBS's US investment bank, which it plans to use to sign on entrepreneurs and rich individuals as clients for its private banking business.
UBS recently made a string of investment banking leadership changes following some senior departures as the Swiss lender seeks to bolster areas such as health care and leveraged finance, Bloomberg has reported.
The Zurich-based bank is a massive wealth management firm globally but lags the domestic competition in the US, where it operates through a network of more than 6,000 financial advisers who are not directly bound to the bank.
Chairman Colm Kelleher said last month that UBS will eventually look to buy a US wealth management firm, though that will only happen once the Credit Suisse integration is complete.
Happy Investing
GG
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EN:
UBS seeks expanded US banking license for growth
Bloomberg, 19.11.2024, 2 minutes
DE/DE
UBS is seeking an expanded license to do business in the United States, a market it has earmarked for growth.
The Swiss bank is considering applying for a license under the supervision of the Office of the Comptroller of the Currency, a spokesman said, confirming a Handelsblatt report. Such a license would make it easier for UBS to lend and take deposits nationwide.
Chief Executive Officer Sergio Ermotti has made expansion in the U.S. wealth market a key part of his strategy, which goes beyond the immediate integration of Credit Suisse, which the bank bought last year. The acquisition has strengthened UBS's US investment bank, which it plans to use to attract entrepreneurs and wealthy individuals as clients for its private banking business.
UBS has recently made a series of leadership changes in its investment banking division after a number of senior hires left the company to bolster areas such as healthcare and leveraged finance, Bloomberg reports.
The Zurich-based bank is a massive wealth manager globally but lags domestic rivals in the U.S., where it works through a network of more than 6,000 financial advisers who aren't directly tied to the bank.
Chairman Colm Kelleher said last month that UBS will consider buying a U.S. wealth management firm, but not until the integration of Credit Suisse is complete.
Happy investing
GG