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UBS Group is selling its 50% stake in Swisscard, a credit-card joint venture with American Express, making Amex the sole owner. This move is part of UBS's strategy to divest assets from its acquisition of Credit Suisse, as issuing credit cards through Swisscard does not align with its operations. The transition of Credit Suisse-branded card portfolios to UBS is set to begin in the first half of 2025.
UBS is selling its 50 percent stake in Swisscard AECS, a credit card provider it acquired from Credit Suisse in 2023, to its joint venture partner, American Express. This decision aligns with UBS's strategic priorities, as it plans to transfer Credit Suisse clients to its own credit card platform, with new cards expected to be issued in the first half of 2025.
UBS has sold its 50% stake in Swisscard to American Express, which now becomes the sole owner of the credit card specialist. This decision aligns with UBS's strategic priorities, as Swisscard will continue to issue cards under American Express, Mastercard, and Visa licenses, while Credit Suisse customers will transition to UBS's credit card platform.
American Express will acquire UBS's 50% stake in Swisscard, making it the sole owner of the credit card provider. Following this transaction, Swisscard will continue to issue cards under American Express, Mastercard, and Visa licenses, with no immediate impact on cardholders or merchants. The company remains committed to expanding its operations in Switzerland.
UBS has sold its 50 percent stake in Swisscard to American Express, ending a long-standing joint venture. This move is part of UBS's strategy to streamline its business following the acquisition of Credit Suisse. Swisscard will continue to operate independently, with no immediate changes for customers or employees.
UBS is set to sell a 50% stake in Swisscard to American Express, according to reports from Reuters. This move marks a significant shift in UBS's investment strategy and highlights the ongoing collaboration between the two financial giants.
American Express is set to acquire UBS’s 50% stake in Swisscard, making it the sole owner of the company. As part of this transition, Swisscard and UBS have agreed to transfer the Credit Suisse branded card portfolios to UBS, following UBS's acquisition of Swisscard through its integration of Credit Suisse last year.
UBS has divested its 50% stake in Swisscard, selling it to American Express. This move marks a significant shift in UBS's investment strategy, further solidifying American Express's position in the financial services market.
American Express has acquired UBS's 50% stake in Swisscard, making it the sole owner. Cardholders will see no changes, as Swisscard will continue to issue cards under American Express, Mastercard, and Visa. UBS remains committed to its credit card business, planning to offer its own range of credit cards to former Credit Suisse clients.
UBS is fully exiting its stake in Swisscard, selling its 50% share to American Express, which will now be the sole owner. Credit card holders will see no immediate changes, as Swisscard continues to operate under existing licenses. UBS remains committed to its credit card business, planning to offer its own range of cards to former Credit Suisse clients.
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ubs sells stake in swisscard to american express for undisclosed amount
14:52 21.10.2024
ubs sells stake in credit card provider swisscard to american express
14:52 21.10.2024
ubs sells credit suisse stake in swisscard to american express
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14:45 21.10.2024
American Express acquires full ownership of Swisscard from UBS
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ubs sells stake in swisscard to american express ending joint venture
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13:42 21.10.2024
ubs sells 50 percent stake in swisscard to american express
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ubs divests stake in swisscard to american express
11:41 21.10.2024
American Express acquires full ownership of Swisscard from UBS
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11:40 21.10.2024
American Express fully acquires Swisscard from UBS in strategic move
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11:20 21.10.2024
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