UBS has divested its 50 percent stake in Swisscard AECS, a credit card provider, to American Express. This move makes American Express the sole owner of the joint venture.

UBS's decision to sell its stake in Swisscard is in line with its strategy to streamline operations after acquiring Credit Suisse in 2023. Swisscard, which was established in 1998, offers American Express, Mastercard, and Visa cards to Credit Suisse customers and has around 650 employees.

UBS has stated that the credit card operations of Swisscard do not align with its current operational processes and strategic priorities. As UBS continues to divest Credit Suisse businesses, it plans to transfer existing Credit Suisse clients to its own credit card platform. The bank aims to achieve cost reductions of approximately $13 billion by the end of 2026 as part of its broader restructuring efforts.