UBS has sold its 50 percent stake in Swisscard to American Express as part of its efforts to streamline operations and divest from divisions acquired during the integration of Credit Suisse.
This move allows American Express to expand its presence in the Swiss market.
Existing customers of Swisscard will experience a seamless transition, with no immediate changes to their credit card services.
UBS will gradually migrate the Credit Suisse card portfolios to its own systems, with new cards expected to be issued in the first half of 2025.
The sale of the stake in Swisscard has financial implications for UBS, potentially freeing up capital for other investments or shareholder returns.
The completion of the sale and transfer of card portfolios is subject to regulatory considerations.
The partnership between American Express and Swisscard is expected to strengthen, leading to enhanced offerings for customers and a more streamlined approach to credit card services in Switzerland.