UBS is exploring an application to expand its operational permissions with the Office of the Comptroller of the Currency. Credit: nitpicker/Shutterstock.

Swiss banking giant UBS is reportedly seeking wider permit in the US, a market which it considers as important for growth.

A spokesperson for the UBS confirmed a Handelsblatt report to Bloomberg that it is considering an application for broader operational permissions under the Office of the Comptroller of the Currency, reported Bloomberg.

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This move is expected to simplify UBS’s ability to offer loans and accept deposits nationwide.

The bank’s CEO, Sergio Ermotti, has identified the US wealth market as a crucial area for growth, particularly following the acquisition of Credit Suisse last year.

The acquisition has strengthened UBS’s U.S. investment bank, which the company intends to leverage in attracting entrepreneurs and high-net-worth individuals to its private banking services.

UBS recently implemented a series of leadership changes in its investment banking division after several senior executives departed, as the Swiss bank aims to strengthen key areas such as healthcare and leveraged finance, according to Bloomberg.

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Despite being a major wealth management entity globally, UBS faces severe competition in the US and currently operates through a network of over 6,000 financial advisers. These advisers work independently rather than being direct employees of the bank.

UBS chairman Colm Kelleher reported the bank’s long-term vision last month, stating that it plans to acquire a US wealth management firm. However, this expansion will be pursued only after the full integration of Credit Suisse is achieved, Kelleher added.

Last month, UBS Private Wealth Management hired John Hardin as a financial adviser in its Coral Gables office, overseen by Brad Rosenberg.