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UBS Starts Digital Wealth Bank in U.S. to Rival Wall Street

  • Business to target workplace wealthy with less than $2 million
  • CEO Hamers said the bank could consider an acquisition
The UBS Group AG headquarters in Zurich, Switzerland.

The UBS Group AG headquarters in Zurich, Switzerland.

Photographer: Stefan Wermuth/Bloomberg
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UBS Group AG is starting a digital wealth manager in the U.S. to grab a bigger share of the country’s market for retirement savings and stock options, in a move that will pit it against the top Wall Street banks on their home turf. 

The new digital bank will service affluent customers with between $250,000 and $2 million in assets, a group UBS hasn’t previously targeted in a meaningful way, Chief Financial Officer Kirt Gardner said Tuesday. While the bank plans to build the business organically, it’s open to acquisitions to accelerate the strategy, according to Chief Executive Officer Ralph Hamers.