UBS has sold its 50 percent stake in Swisscard AECS to American Express Swiss Holdings GmbH, effectively ending their long-standing joint venture.
As a result, American Express now owns Swisscard outright. This move is part of UBS's efforts to streamline its business after acquiring Credit Suisse in March 2023.
Despite the change in ownership, Swisscard customers can expect no immediate changes to their current products and services. American Express is expected to retain the employees of Swisscard.
The financial details of the transaction have not been disclosed, and both UBS and American Express have chosen not to comment on the deal. The completion of the transaction is expected to take place in the first half of 2025.
Swisscard has stated that the acquisition by American Express will pave the way for future growth.