UBS has announced its exit from Swisscard, a credit card issuer previously held in a joint venture with American Express.

American Express Assumes Full Ownership

American Express will now assume full ownership of Swisscard. Current credit card holders will not experience any immediate changes, and customers of Credit Suisse who hold credit cards will continue to use their existing cards without disruption.

Operations Under Licenses

Swisscard will maintain its operations under the licenses of American Express, Mastercard, and Visa.

UBS Plans to Offer Its Own Range of Credit Cards

UBS plans to offer its own range of credit cards and services to former Credit Suisse clients.

American Express Aims to Enhance Offerings

American Express aims to enhance its offerings and expand its business operations in Switzerland through Swisscard.

Competitive Credit Card Market

The Swiss credit card market is competitive, with various issuers and a growing trend towards mobile payments.

Transition of Ownership Reflects Broader Trends

The transition of ownership reflects broader trends in the financial services industry.