UBS has announced the sale of its 50% stake in Swisscard, a credit card provider, to American Express, marking another step in the bank’s divestment of the Credit Suisse business it acquired last year, Reuters reports.
This move makes American Express the sole owner of Swisscard, while Credit Suisse customers will be transitioned to UBS’s existing credit card platform.
The financial terms of the deal have not been disclosed. Despite the ownership change, Swisscard will continue to issue American Express, Mastercard, and Visa cards in Switzerland, ensuring that cardholders, merchants, and partners will not face any immediate changes. Swisscard confirmed there would be no near-term impact on these services.
UBS, which acquired Credit Suisse in an emergency takeover, has been divesting parts of the former bank’s business. Recent sales include a stake in Credit Suisse Securities in China and a former insurance-linked investment arm. The sale of its stake in Swisscard aligns with UBS’s strategy to focus on its own credit card business, as Swisscard’s structure does not fit UBS’s operational setup or strategic goals.
UBS reiterated its commitment to its credit card operations and stated that Credit Suisse cardholders would be informed about new card issuance plans in early 2025. The bank assured that no action is required from customers at this time.
