UBS Group AG has made the decision to divest its 50 percent stake in Swisscard to American Express Co., resulting in American Express becoming the sole owner of the credit card company.

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

UBS has stated that this decision is in line with its strategic priorities as the legal successor to Credit Suisse, indicating that the issuance of credit cards in Switzerland through Swisscard is no longer compatible with its operational setup.

Clients who currently hold Credit Suisse-branded cards will be informed about the issuance of new cards in the first half of 2025.

The current trading price of UBS shares on the New York Stock Exchange is $32.50, reflecting a decline of 1.01 percent.