American Express will become the sole owner of Swisscard by acquiring UBS's 50 percent stake in the credit card provider.

The closing date of the transaction has not been disclosed, but it will not have any immediate impact on cardholders, merchants, or partners.

Swisscard will continue to issue cards under the American Express, Mastercard, and Visa brands. Additionally, UBS has agreed to transfer Credit Suisse-branded cards to its operations. This decision is based on the fact that issuing cards through Swisscard does not align with UBS's current operational processes and strategic priorities as the legal successor to Credit Suisse.

Cardholders of Credit Suisse-branded cards will receive timely updates about the transition to new cards, which are expected to be issued in the first half of 2025.