UBS Group is selling its 50% stake in Swisscard to American Express, resulting in a change in ownership for the credit card provider.
UBS acquired this stake through its recent acquisition of Credit Suisse.
The financial terms of the transaction have not been disclosed.
American Express will now be the sole owner of Swisscard, previously a joint venture partner.
Swisscard will continue to issue credit cards from American Express, Mastercard, and Visa, ensuring a smooth transition for cardholders, merchants, and partners.
This divestiture aligns with UBS's strategy to streamline operations post-acquisition.
UBS shares have seen a 6% increase in 2024, currently trading at $32.33 per share.