UBS is selling its 50 percent stake in Swisscard to American Express as part of its ongoing efforts to streamline its business after integrating Credit Suisse.

American Express will become the sole owner of the joint venture, which issues American Express, Mastercard, and Visa cards to Credit Suisse customers. Cardholders can continue using their cards without any action required. Credit Suisse customers will be informed about the next steps for migrating to new cards in a timely manner. The issuance of new cards is expected to start in the first half of 2025.

Swisscard will continue to manage all other card portfolios under the American Express, Mastercard, and Visa licenses. The sale and transfer are subject to specific closing conditions, and Swisscard has outstanding Swiss franc-denominated asset-backed securities secured by credit card receivables, requiring an ad-hoc disclosure.