UBS Group reported a third-quarter net profit of $1.425 billion, significantly surpassing analysts' expectations of $740 million and recovering from a loss of $715 million in the same period last year. The positive results were driven by strong performance in its investment banking and wealth management divisions, alongside reduced expenses from integrating Credit Suisse.
American Express has acquired a stake in Swisscard from UBS, while also facilitating the transfer of Credit Suisse's card portfolios to UBS, with a transition expected in early 2025. American Express plans to expand its operations in Switzerland. Following the news, UBS shares fell by 1.55% to 28.02 francs, and American Express shares dropped by 2.15% to 270.85 US dollars.
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.
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