UBS (UBS.US) sells its 50% stake in Swisscard to American Express (AXP.US)
1min read UBS (UBS.US) is selling part of the business it acquired last year from Credit Suisse. Credit card issuer Swisscard said in a statement that UBS will sell its 50% stake in the company to American Express (AXP.US), but the terms of the deal were not disclosed. After the deal, American Express will become the sole owner of Swisscard, and Credit Suisse's customers will be transferred to UBS's existing credit card platform.Swisscard said it will continue to issue all other cards under licenses from American Express, Mastercard (MA.US) and Visa (V.US), and will continue to operate American Express's business in Switzerland. It said there will be no immediate impact on any cardholders, merchants or partners.UBS said on Monday that it will be fully committed to its credit card business, but issuing credit cards in Switzerland through Swisscard does not fit with its existing operating framework and strategic priorities as the legal successor of Credit Suisse. UBS said cardholders do not need to take any action, and customers holding Credit Suisse-branded credit cards will be notified about the issuance of new cards in the first half of 2025.
