UBS has sold its 50 percent stake in Swisscard AECS, a credit card provider it acquired through the purchase of Credit Suisse in 2023.

American Express, an existing partner in the joint venture, has purchased this stake.

Swisscard, which was established in 1998, issues American Express, Mastercard, and Visa cards to Credit Suisse customers and has around 650 employees.

UBS, as the legal successor to Credit Suisse, has stated that the credit card operations of Swisscard do not align with its current operational processes and strategic priorities.

Therefore, Credit Suisse clients will be moved to UBS's existing credit card platform.

Customers with Credit Suisse-branded credit cards will receive new cards, with the issuance expected to begin in the first half of 2025.