UBS Group AG (UBS) plans to begin testing everyday banking services for its US employees as early as December, laying the groundwork for a full-service bank targeting wealthy American clients by mid-2027, the Financial Times reported Thursday.

The move is expected to help UBS compete more directly with rivals such as Morgan Stanley (MS) and Bank of America (BAC), whose integrated banking businesses have boosted their wealth management operations, the report said.

UBS is also seeking to expand beyond ultra-wealthy clients by targeting affluent investors with $2 million to $10 million in investable assets, it said. The bank hopes offering everyday banking services will improve client retention and support growth in its US wealth management business, it added.

UBS did not immediately respond to MT Newswires' request for comment.

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