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UBS is selling its 50% stake in Swisscard to American Express, making the latter the sole owner. This move follows UBS's acquisition of Credit Suisse, from which it inherited the stake. Swisscard will continue to issue credit cards from American Express, Mastercard, and Visa, with no impact on current cardholders or partners.
UBS plans to sell its 50% stake in Swisscard to American Express, making the latter the sole owner. Credit Suisse customers will transition to UBS's credit card platform, with no immediate impact on cardholders. UBS is also focused on cutting costs post-acquisition of Credit Suisse to enhance operational efficiency.
American Express reported a third-quarter profit of $2.51 billion, exceeding Wall Street expectations due to effective expense management, despite a slight revenue miss at $16.64 billion. The company’s focus on affluent customers has allowed it to maintain lower credit loss provisions compared to competitors. In other news, AI leader Genesys has confidentially filed for an IPO in the US, while UBS is selling a 50% stake in Swisscard to American Express.
Ubs is selling its 50 percent stake in Swisscard, held by Credit Suisse, to American Express, which will then become the sole owner. Credit Suisse customers will transition to Ubs' credit card platform, while Swisscard will continue to issue cards under American Express, Mastercard, and Visa licenses, ensuring no immediate impact on cardholders or partners.
Jim Cramer advocates buying American Express shares during their recent dip, highlighting the company's success in attracting younger customers who are likely to remain loyal for decades. Despite a slight revenue miss and a trimmed forecast, American Express reported a significant earnings beat and strong credit quality, suggesting long-term growth potential. Cramer believes the market is undervaluing these strengths, making this pullback an opportune moment for investors.
American Express has acquired a stake in Swisscard from UBS, while also facilitating the transfer of Credit Suisse's card portfolios to UBS, with a transition expected in early 2025. American Express plans to expand its operations in Switzerland. Following the news, UBS shares fell by 1.55% to 28.02 francs, and American Express shares dropped by 2.15% to 270.85 US dollars.
UBS is selling its 50% stake in Swisscard to American Express, making Amex the sole owner of the credit card provider. This divestment follows UBS's acquisition of Credit Suisse, from which it inherited the stake. Swisscard will continue to issue cards from American Express, Mastercard, and Visa, with no impact on current cardholders.
UBS has sold its 50% stake in Swisscard to American Express, marking a strategic move to restructure its business following the acquisition of Credit Suisse. This transaction will result in Swisscard becoming wholly owned by American Express, with UBS ending its involvement in the joint venture. Financial details remain confidential, and no changes to Swisscard's operations have been announced.
UBS has sold its 50% stake in Swisscard to American Express, marking the end of its involvement in the joint venture. This decision follows UBS's acquisition of Credit Suisse assets and reflects its strategy to reshape its business portfolio. Financial details of the transaction remain undisclosed, and there are no announced changes to Swisscard's operations.
UBS has raised its price target for Berkshire Hathaway shares to $538, citing a 1% discount to intrinsic value and improved underwriting results. Despite a projected increase in catastrophe losses from Hurricane Milton, the company reported a 26% profit increase in the first half of the year, totaling $22.8 billion. Berkshire's diverse investments, including significant stakes in Apple and American Express, contributed to a 7% growth in its common equity portfolio in Q3.
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