UBS has sold its 50% stake in Swisscard to American Express as part of its strategy to streamline operations and align its portfolio with long-term goals.
This move follows UBS's recent acquisition of Credit Suisse. The sale allows American Express to strengthen its position in the Swiss credit card market and better serve Swiss consumers and businesses. The transition is expected to have minimal impact on current Swisscard cardholders, as the company has committed to maintaining operational integrity.
The consolidation of credit card services under American Express could lead to increased competition in the Swiss market and potentially reshape credit card offerings. Overall, this sale represents a strategic decision by UBS and signals a new chapter for both UBS and American Express in the evolving financial landscape.