UBS has divested its 50 percent ownership in Swisscard, a Swiss credit card joint venture, to American Express Swiss Holdings GmbH.

As a result, American Express now holds full ownership of Swisscard.

This decision was made after the emergency merger of Credit Suisse and UBS, which led to the expiration of the existing agreement between Credit Suisse and American Express.

UBS has stated that this sale is in line with its operational processes and strategic priorities as the legal successor to Credit Suisse.

Despite the change in ownership, Swisscard has assured its credit card holders that there will be no impact on their services.

UBS has emphasized that while the credit card business is important, their stake in Swisscard was seen as an investment that has now been monetized following the acquisition of Credit Suisse.