UBS Plans to Launch Banking Services For Wealthy Americans

UBS Plans to Launch Banking Services For Wealthy Americans

Swiss bank UBS is reportedly planning to launch a bank for wealthy Americans.

As part of that effort, the lender is months away from trialling everyday banking services for its employees in the U.S., according to a Thursday report from the Financial Times (FT).

UBS is due to set up bank accounts for American staff as early as December to test pricing and products before offering them wealth management clients from the middle of 2027, sources familiar with the matter told the FT.

UBS declined to comment when contacted by PYMNTS.

The move is the first step in UBS’ longer journey to becoming a full-service bank for wealthier U.S. clients, the FT report said.

The bank received a national charter from the U.S. Office of the Comptroller of the Currency in March.

Before that, UBS was a state-chartered bank, Brian Carlin , head of global wealth management banking, U.S., said in a video shared by UBS on LinkedIn.

He said the national charter lets UBS expand both the clients it serves and the kinds of products and services it can provide.

“So, we’re now going to go head-to-head with offering everyday banking, you know, the key capabilities that our clients have today, many of which are being done at a competitor, giving them the ability to bring those to our platform to really partner with those financial advisors and their teams that they know and trust today and use that as a way of consolidating their assets and really expanding what they are able to ...