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 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 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.
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.
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