UBS Group AG Seeks US Banking License Expansion to Drive Growth

UBS Group AG UBS is seeking a wider banking license to operate in the United States to simplify its ability in order to offer loans and accept deposits in the country. UBS views the United States as a crucial market for its growth strategy. According to a Bloomberg report, the bank is considering an application for broader operational permissions under the Office of the Comptroller of the Currency. UBS Group AG’s CEO, Sergio Ermotti, identifies the U.S. wealth management sector as a vital growth area, particularly after the acquisition of Credit Suisse in 2023. This aligns with UBS’ Chairman Colm Kelleher's statement from last month, where he mentions the bank’s long-term vision that includes acquiring a U.S. wealth management firm to accelerate growth in the region. However, this goal will only be pursued after the full integration of Credit Suisse.UBS Strengthens US OperationsThe acquisition of Credit Suisse strengthened UBS Group AG’s U.S. investment banking operations, leading the bank to be in a better position to attract wealthy entrepreneurs and high-net-worth individuals for its private banking services.The bank has opted to make changes in the senior leadership within its investment banking division to further solidify its competitive advantage. These adjustments come amid the departure of several senior executives. These changes in the leadership positions are aimed at reinforcing the bank’s commitment in key areas, including healthcare and leveraged finance, which are considered crucial for the company’s long-term growth prospects. In sync with changes in the senior management, last week, UBS Wealth Management appointed Ryan Lurie, an Accredited Portfolio Management Advisor, to oversee its Arizona offices.UBS Group AG’s Price Performance & Zacks RankOver the past six months, shares of UBS have gained 4.8% against the industry’s decline of 9.7%. Image Source: Zacks Investment ResearchAt present, UBS carries a Zacks Rank #3 (Hold).Foreign Banks Worth ConsideringSome better-ranked bank stocks are Erste Group Bank AG EBKDY and Grupo Financiero Galicia S.A. GGAL, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for EBKDY’s earnings has been revised 2.4% upward for 2024 over the past month. Shares of EBKDY have gained 8.5% over the past six months.Earnings estimates for GGAL have been revised 8.4% upward over the past 30 days. In the past six months, GGAL shares have risen 57.6%.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report UBS Group AG (UBS): Free Stock Analysis Report Grupo Financiero Galicia S.A. (GGAL): Free Stock Analysis Report Erste Group Bank AG (EBKDY): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks