American Express will acquire UBS's 50 percent stake in Swisscard, making AmEx the sole owner. The transition will not affect cardholders, merchants, or partners in the short term, while Credit Suisse-branded cards will be transferred to UBS, with new card issuance expected in early 2025.
UBS is divesting parts of Credit Suisse, including Swisscard, which issues credit cards to Credit Suisse customers and employs around 700 people. Customers will transition to UBS's existing credit card platform as the bank aims to cut costs by approximately $13 billion by the end of 2026, leveraging synergies from the takeover.
UBS is selling its 50 percent stake in Swisscard to American Express, making Amex the sole owner of the Horgen-based card issuer. This change follows UBS's acquisition of Credit Suisse, which led to the non-renewal of the existing agreement between Credit Suisse and American Express. Credit card holders will see no changes, as UBS will retain its credit card business while Swisscard continues to issue cards under American Express, Mastercard, and Visa licenses.
American Express is set to acquire UBS's 50% stake in Swisscard, making AmEx the sole owner of the credit card provider. Additionally, Swisscard and UBS have agreed to transfer the Credit Suisse brand to Swisscard, with no impact on the existing portfolio.
American Express will acquire UBS's 50% stake in Swisscard, making it the sole owner. The transition will not affect cardholders in the short term, as Swisscard will continue to issue cards under various brands, while UBS will take over Credit Suisse-branded cards starting in 2025. UBS stated that issuing credit cards through Swisscard does not align with its strategic priorities.
UBS is selling its 50% stake in Swisscard to American Express, making Amex the sole owner. Despite this change, credit card holders will see no impact, as UBS will take over the Credit Suisse-branded portfolios while Swisscard continues to issue cards under various licenses. UBS remains committed to its credit card business, although operating through Swisscard is not aligned with its strategic priorities.
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.
UBS has divested its 50% stake in Swisscard, selling it to American Express. This strategic move marks a significant shift in UBS's investment portfolio as it continues to refine its business operations. The transaction was announced on October 21, 2024.
UBS Group AG is urging its bankers to reconsider the language used when discussing sustainable products, following legal advice amid increasing regulatory scrutiny and activist lawsuits. This shift aims to prevent accusations of greenwashing and ensure compliance with emerging regulations. For instance, bankers are now instructed to refer to debt-for-nature swaps as "Country Debt Conversion With Associated Sustainable Development Goal Funding," reflecting a broader trend in the finance industry towards more precise terminology.
UBS Group AG is urging its bankers to reconsider the language used when discussing sustainable products, following legal advice. This shift impacts how topics like net-zero goals and specific products, such as debt-for-nature swaps, are presented to clients amid rising legal concerns.
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