UBS has sold its 50% stake in Swisscard to American Express, making American Express the sole owner of the Swiss credit card provider. This sale is part of UBS's strategy to divest certain activities after acquiring Credit Suisse last year.

As part of the agreement, Swisscard and UBS will transfer Credit Suisse's card portfolios to UBS, reinforcing UBS's commitment to its integrated credit card business. Swisscard will continue to operate under the licenses of American Express, Mastercard, and Visa, maintaining its acquiring business in Switzerland.

Both UBS and American Express have assured that there will be no immediate impact on cardholders, merchants, or partners. American Express has expressed its commitment to expanding its operations in Switzerland through Swisscard, ensuring that customers can continue using their cards and merchants can accept Swisscard-issued cards without disruption.