American Express will acquire Swisscard in full after UBS's departure from the joint venture with Credit Suisse.

UBS's takeover of Credit Suisse resulted in the termination of their existing agreement with Swisscard.

The transition of portfolios under the Credit Suisse brand to UBS will not affect credit card holders, as Swisscard will continue to issue cards under the licenses of American Express, Mastercard, and Visa.

UBS has expressed its commitment to the credit card business but stated that the operational processes and strategic priorities of UBS as the legal successor to Credit Suisse do not align with the issuance of credit cards in Switzerland through Swisscard.

The acquisition is subject to certain closing conditions, as stated in the official statements.