Ubs has sold its 50 percent stake in Swisscard to American Express, making American Express the sole owner of the credit card services joint venture. This decision is in line with Ubs' strategic priorities as it aims to streamline its operations after acquiring Credit Suisse in June 2023.

Swisscard will continue to issue credit cards under the American Express, Mastercard, and Visa brands, while Credit Suisse customers will transition to Ubs' credit card platform. Existing cardholders do not need to take any action, and notifications regarding new card issuance are expected in the first half of 2025.

This move is part of Ubs' broader strategy to divest various segments of Credit Suisse's business, including a stake in Credit Suisse Securities (China) and a former insurance investment business.