UBS considers seeking OCC license in growth push

UBS is seeking 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 U.S. 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’ U.S. 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 United States, where it operates through a network of more than 6,000 financial advisors 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.

An OCC spokesperson did not immediately respond to a request for comment.