Swiss bank UBS has won a national bank charter from the Office of the Comptroller of the Currency (OCC) to convert UBS Bank USA into a nationally chartered bank. The move puts UBS on a collision course with JPMorgan Chase and Morgan Stanley in the battle for deposits, mortgage, and loyalty. The bank had previously operated as a Utah-chartered industrial bank with limited capabilities in the American market. The new charter allows UBS to offer the full range of services associated with JPMorgan or Morgan Stanley, including checking accounts, savings accounts, and mortgages. The company plans to launch its new banking platform in the second half of 2027.