UBS Gains Approval for U.S. Bank Charter Conversion
The approval allows UBS to convert its local operation into a fully chartered U.S. bank, according to the source, while the stock was shown down 1.85%.
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Terms & Concepts
Banking license: Regulatory approval that allows a financial institution to operate as a bank under the relevant legal framework.
Bank charter: A legal authorization that permits a firm to conduct banking activities as a regulated bank.