American Express has announced its intention to acquire UBS's 50% stake in Swisscard, a credit card provider that has been jointly owned by the two financial giants.

This acquisition will position American Express as the sole owner of Swisscard upon the completion of the transaction. American Express aims to strengthen its foothold in the Swiss market and consolidate its ownership of Swisscard.

Transfer of Credit Suisse-branded cards

Swisscard and UBS have reached an agreement to transfer Credit Suisse-branded cards to UBS, which is expected to occur without disrupting operations. UBS has decided to divest its stake in Swisscard as it does not fit within its current framework.

Enhancing American Express's competitive position

American Express is committed to operating in Switzerland through Swisscard and plans to continue issuing a diverse range of card portfolios. The acquisition is expected to enhance American Express's competitive position in the credit card sector and allow it to leverage Swisscard's infrastructure and customer base.

Impact on the Swiss credit card market

This acquisition marks a significant shift in the Swiss credit card market and could lead to increased competition among credit card issuers. The transfer of Credit Suisse-branded cards to UBS reflects the ongoing consolidation within the banking sector.

The future of credit card issuance and customer service in Switzerland

The strategic decisions made by American Express and UBS will shape the future of credit card issuance and customer service in Switzerland.