American Express is set to acquire UBS's 50% stake in Swisscard, making AmEx the sole owner of the credit card provider.

This move follows an agreement between Swisscard and UBS to transfer the Credit Suisse brand to Swisscard, which will not affect the existing CHF 400 million Credit Suisse card portfolio of ABS notes in circulation.

Swisscard will continue to issue cards under the American Express, Mastercard, and Visa licenses, and maintain its American Express acquiring business in Switzerland.

Officials have stated that there will be no immediate impact on cardholders, merchants, or partners as a result of this transition.

American Express reaffirms its commitment to operating in the Swiss market through Swisscard.