{
}
American Express will acquire UBS's 50% stake in Swisscard Zurich, becoming the sole owner. The transfer of Credit Suisse-branded cards to UBS will not affect the existing card portfolios, and customers will be informed about the transition to new cards in 2025. Swisscard continues to operate under American Express, Mastercard, and Visa licenses, with no immediate impact on cardholders or merchants.
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, continue to bolster its market position, although its market cap recently dipped below $1 trillion.
UBS has increased its price target for Berkshire Hathaway shares from $506 to $538, citing a 1% discount to intrinsic value and improved underwriting results. Despite a projected rise in catastrophe losses from Hurricane Milton affecting fourth-quarter earnings, the company reported a 26% increase in first-half earnings to $22.8 billion. Berkshire's market cap briefly surpassed $1 trillion, and analysts expect a 7% rise in its common stock portfolio, driven by gains in Apple, American Express, and Coca-Cola.
UBS Group AG has decided to sell its 50% stake in Swisscard to American Express, making the latter the sole owner. The financial details of the transaction remain undisclosed, but Swisscard will continue to issue cards under American Express, Mastercard, and Visa licenses while maintaining its American Express operations in Switzerland. UBS will inform clients with Credit Suisse-branded cards about new card issuance in the first half of 2025, as the credit card business does not align with its strategic priorities following its role as the legal successor to Credit Suisse.
UBS has sold its 50% stake in Swisscard to American Express, making Amex the sole owner of the Swiss credit card provider. This move is part of UBS's broader restructuring strategy following its acquisition of Credit Suisse, allowing the bank to focus on core operations while American Express strengthens its position in the Swiss market. Existing Swisscard cardholders will experience no immediate changes, with a transition to UBS's credit card platform for Credit Suisse customers planned by mid-2025.
UBS has sold its 50% stake in the Swiss credit card joint venture Swisscard to American Express, making Amex the sole owner. This decision follows the emergency merger of Credit Suisse with UBS, as the existing agreement was not extended. UBS stated that the credit card operations did not align with its strategic priorities, although the credit card business remains important to the bank.
American Express will acquire UBS's 50% stake in Swisscard, making it the sole owner of the Swiss credit card provider. This move follows an agreement to transfer Credit Suisse's card portfolios to UBS as part of the divestment of certain Credit Suisse activities. Swisscard will continue to operate under American Express, Mastercard, and Visa licenses, with no immediate impact on cardholders or merchants.
American Express will acquire UBS's 50% stake in Swisscard, making it the sole owner. The transition will not affect cardholders or merchants in the short term, as Swisscard continues to issue cards under various licenses. Credit Suisse-branded cards will be transferred to UBS, with new cards expected to be issued in early 2025.
American Express Company focuses on issuing and distributing payment cards, primarily for travel-related expenses. Revenue is generated through consumer payment solutions (52.8%), corporate payment solutions (27.2%), and management of partner networks (20%). The company also provides banking and travel agency services.
American Express has acquired UBS's 50% stake in Swisscard, making it the sole owner, while UBS will continue to focus on its credit card business. Credit card holders will see no immediate changes, as UBS plans to offer its own credit card services to former Credit Suisse clients. Swisscard, which employs over 650 people, offers a variety of credit cards and has over 400,000 users of its app.
American Express Company
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
American Express acquires UBS stake in Swisscard credit card provider
Swiss Franc
Mastercard Incorporated
Visa Inc.
American Express Company
Credit Suisse Anlagestiftung
UBS AG
CHE
Show more
17:31 21.10.2024
UBS raises Berkshire Hathaway price target amid mixed earnings outlook
Berkshire Hathaway Inc.
Chubb
American Express Company
Coca-Cola Consolidated, Inc.
USA
Milton
Warren Buffett
Show more
17:29 21.10.2024
ubs raises price target for berkshire hathaway amid mixed earnings outlook
American Express Company
Coca-Cola Consolidated, Inc.
Chubb
Apple Inc.
Berkshire Hathaway Inc.
USA
Milton
Warren Buffet
Show more
17:24 21.10.2024
ubs sells stake in swisscard to american express making it sole owner
United States Dollar
UBS Group AG
American Express Company
Credit Suisse Anlagestiftung
CHE
Show more
16:59 21.10.2024
ubs sells stake in swisscard to american express consolidating market position
United States Dollar
UBS SA
Visa Inc.
Mastercard Incorporated
American Express Company
Credit Suisse Anlagestiftung
CHE
Show more
16:43 21.10.2024
ubs sells credit suisse stake in swisscard to american express
United States Dollar
UBS SA
Swisscard AG
Coop
Migros Bank
American Express Company
Credit Suisse Anlagestiftung
CHE
Sergio Ermotti
Show more
16:37 21.10.2024
American Express acquires UBS stake in Swisscard expanding its presence in Switzerland
Euro
Mastercard Incorporated
Visa Inc.
American Express Company
Credit Suisse Anlagestiftung
UBS AG
CHE
Show more
15:39 21.10.2024
American Express acquires UBS stake in Swisscard credit card provider
Swiss Franc
American Express Company
Mastercard Incorporated
Visa Inc.
UBS SA
Credit Suisse Anlagestiftung
CHE
Show more
15:13 21.10.2024
American Express Company diversifies revenue through payment cards and banking services
15:02 21.10.2024
American Express acquires full ownership of Swisscard from UBS
United States Dollar
Swiss Franc
UBS SA
Visa Inc.
Mastercard Incorporated
American Express Company
Credit Suisse Anlagestiftung
USA
CHE
Show more
15:02 21.10.2024
Trending
Subcategory
Corporate News
Industry Trends
Stock Market Updates
Industry Mergers & Acquisitions
Workplace Trends
Global Financial Events
Banking Regulations
Finance Mergers & Acquisitions
Retail and Consumer Goods
CEO Changes
Market Analysis and Predictions
Startups & Entrepreneurship
Government Policies
Central Bank Actions
Global Trade Developments
Domestic Politics
Financial Scams and Security
Private Equity Deals
Government Economic Policies
Supply Chain Management
Countries:
Companies:
JPMorgan Chase & Co.
Tesla, Inc.
Barclays PLC
Credit Suisse Lux Digital Healt
Bank of America Corporation
UBS Group AG
Deutsche Bank Money Market PP
The Goldman Sachs Group, Inc.
BNP Paribas SA
Apple Inc.
Wells Fargo & Company
UniCredit S.p.A.
Commerzbank AG
Banco BPM S.p.A.
Banco Santander, S.A.
SpaceXCoin USD
Morgan Stanley
Amazon.com, Inc.
Danske Bank A/S
NVIDIA Corporation
Currencies:
United States Dollar
Euro
British Pound Sterling
Chinese Yuan
Swiss Franc
Indian Rupee
Japanese Yen
Hong Kong Dollar
Danish Krone
South Korean Won
Australian Dollar
Singapore Dollar
Offshore Chinese Yuan
Russian Ruble
Canadian Dollar
Mexican Peso
United Arab Emirates Dirham
Indonesian Rupiah
Turkish Lira
Chilean Peso
People: