American Express is set to become the sole owner of Swisscard by acquiring UBS's 50% stake in the credit card company.

Currently, both UBS and American Express have equal shares in Swisscard, but this transaction will consolidate ownership under American Express.

As part of the transition, Swisscard and UBS will transfer the Credit Suisse branded card portfolios to UBS.

This move is a result of UBS's acquisition of Swisscard through its integration of Credit Suisse last year, which aims to streamline its operations in the credit card sector.