UBS Group is selling its 50% stake in Swisscard, a credit-card joint venture with Credit Suisse, to American Express. This will make American Express the sole owner of Swisscard.

UBS is divesting its stake in Swisscard as part of its strategy to streamline assets acquired during its takeover of Credit Suisse last year. The issuance of credit cards through Swisscard does not align with UBS's operational priorities.

As part of the sale, UBS and Swisscard have agreed to transfer the Credit Suisse-branded card portfolios to UBS. New credit card issuance for these clients is expected to begin in the first half of 2025. The transition will also involve the migration of banking relationships. The stake sale and portfolio transition are subject to certain closing conditions.

American Express has expressed its commitment to expanding its operations in Switzerland through Swisscard.