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UBS is divesting its 50 percent stake in Swisscard AECS, a credit card provider acquired from Credit Suisse, to its joint venture partner, American Express. Founded in 1998, Swisscard issues American Express, Mastercard, and Visa cards to Credit Suisse customers, who will transition to UBS's credit card platform. This move is part of UBS's strategy to streamline operations and achieve $13 billion in cost reductions by 2026.
American Express has acquired UBS's 50 percent stake in Swisscard, making it the sole owner of the Swiss credit card provider. Swisscard, established in 1998, is the only issuer in Switzerland offering American Express, Mastercard, and Visa from a single source. The transition will not affect current cardholders, merchants, or partners, and American Express aims to expand its business in Switzerland through Swisscard.
American Express will acquire UBS's 50 percent stake in Swisscard, making AmEx the sole owner. The transition will not affect cardholders, merchants, or partners in the short term, while Credit Suisse-branded cards will be transferred to UBS, with new card issuance expected in early 2025.
Boeing has made a new offer to end the ongoing strike, proposing a 35% pay rise over four years, a $7,000 bonus, and increased pension contributions, but without continuing the old pension plan. Meanwhile, UBS is selling its 50% stake in Swisscard to American Express as part of its portfolio streamlining following the Credit Suisse acquisition. In economic news, the People's Bank of China has unexpectedly cut the Loan Prime Rate to stimulate the slowing economy.
UBS is selling its 50 percent stake in Swisscard to American Express, making Amex the sole owner of the Horgen-based card issuer. This change follows UBS's acquisition of Credit Suisse, which led to the non-renewal of the existing agreement between Credit Suisse and American Express. Credit card holders will see no changes, as UBS will retain its credit card business while Swisscard continues to issue cards under American Express, Mastercard, and Visa licenses.
American Express is set to acquire UBS's 50% stake in Swisscard, making AmEx the sole owner of the credit card provider. Additionally, Swisscard and UBS have agreed to transfer the Credit Suisse brand to Swisscard, with no impact on the existing portfolio.
American Express will acquire UBS's 50% stake in Swisscard, making it the sole owner. The transition will not affect cardholders in the short term, as Swisscard will continue to issue cards under various brands, while UBS will take over Credit Suisse-branded cards starting in 2025. UBS stated that issuing credit cards through Swisscard does not align with its strategic priorities.
UBS is selling its 50% stake in Swisscard to American Express, making Amex the sole owner. Despite this change, credit card holders will see no impact, as UBS will take over the Credit Suisse-branded portfolios while Swisscard continues to issue cards under various licenses. UBS remains committed to its credit card business, although operating through Swisscard is not aligned with its strategic priorities.
UBS has sold its 50 percent stake in the credit card provider Swisscard to American Express, making Amex the sole owner. This divestment is part of UBS's strategy to streamline operations following its acquisition of Credit Suisse, as it aims to reduce costs by approximately $13 billion by 2026. Credit Suisse clients will transition to UBS's credit card platform.
UBS has divested its 50% stake in Swisscard, selling it to American Express. This strategic move marks a significant shift in UBS's investment portfolio as it continues to refine its business operations. The transaction was announced on October 21, 2024.
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ubs sells stake in swisscard to american express amid credit suisse divestment
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09:06 21.10.2024
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ubs sells stake in swisscard to american express becoming sole owner
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08:46 21.10.2024
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08:31 21.10.2024
American Express acquires full ownership of Swisscard from UBS
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08:28 21.10.2024
UBS sells Swisscard stake to American Express amid Credit Suisse divestment
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08:18 21.10.2024
UBS divests 50 percent stake in Swisscard to American Express
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