American Express has announced its plan to acquire UBS's 50% stake in Swisscard, a credit card provider jointly owned by the two companies.

This acquisition will make American Express the sole owner of Swisscard.

UBS has decided to transfer the Credit Suisse-branded credit card portfolios to its own management as it realigns its business strategies.

However, Swisscard has assured cardholders, merchants, and partners that there will be no immediate impact on their services.

The transfer of the Credit Suisse card portfolio will be transparent and efficient, with Swisscard committed to keeping customers informed about the changes.

This acquisition reflects UBS's commitment to streamline its operations, while American Express aims to enhance its service offerings and expand its presence in the Swiss market.

The transaction is likely to influence competitive dynamics in the credit card market, prompting other financial institutions to reassess their strategies.