UBS is selling its 50 percent stake in Swisscard, a card issuer located in Horgen, to American Express. This transaction will result in American Express becoming the sole owner of the joint venture.

Despite the change in ownership, there will be no disruptions for credit card holders. The portfolios marketed under the Credit Suisse brand will be transferred to UBS, while Swisscard will continue to issue cards under the licenses of American Express, Mastercard, and Visa.

UBS has stated that it will retain its credit card business, as it is an important part of its operations. However, the bank has determined that issuing credit cards in Switzerland through Swisscard does not align with its operational processes and strategic priorities as the successor to Credit Suisse.