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 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.
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.
Lombard Odier has appointed Mark Goddard as the new CEO of its UK operations, effective November 26. Based in London, he will oversee the private client division and report to Duncan MacIntyre and Stephane Herrmann. Goddard, who previously led UBS's UK High Net Worth division, brings extensive experience in banking and client management.
St. Galler Kantonalbank, Switzerland's fifth largest cantonal bank, is highlighted as a solid investment by Zürcher Kantonalbank analyst Andreas Venditti. With a strong focus on private banking and significant acquisition potential, the bank aims for growth despite expected profit declines. Its current valuation metrics indicate an attractive position compared to peers, making it a noteworthy investment opportunity.
Raiffeisen Switzerland is restructuring its organization by dissolving the "Operating Service" department, which was established in 2022 to align strategy with operations. Starting November 1, the bank will operate with six departments, eliminating interfaces in strategy implementation. Uwe Krakau, the head of the now-defunct department, will be leaving the bank.
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.
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