Core Viewpoint - UBS Group AG is seeking to expand its US operations by applying for a national bank charter, which will enhance its wealth management services and deepen client relationships [1][2]. Group 1: Expansion Plans - UBS has filed for a national bank charter to broaden its service offerings, including payments, checking, and savings accounts for wealth management clients [1]. - The bank aims to deepen relationships between financial advisers and clients through a wider selection of products [2]. Group 2: Regulatory Process - The Office of the Comptroller of the Currency has received UBS's application for the bank charter [3]. - UBS anticipates receiving approval for the bank charter in the next year [4]. Group 3: Performance and Strategy - UBS has expressed the need to improve performance in its US wealth management unit, which is a significant revenue generator but has high expenses [3]. - The bank's chairman indicated plans to acquire another US wealth management firm after completing the integration of Credit Suisse [4]. - UBS operates a network of financial advisers who are less tightly bound to the bank compared to regular employees, which has posed challenges for expansion in the US market [4].