UBS is selling the 50% stake it acquired in Swisscard, a credit card provider, from its takeover of Credit Suisse last year. UBS will sell the holding to its joint venture partner, American Express, making Amex the sole owner of Swisscard. While the financial terms of the deal were not disclosed, UBS is continuing its divestment of parts of Credit Suisse’s business following the emergency takeover.
Credit Suisse customers will eventually be transferred to UBS’s credit card platform, but Swisscard will continue to issue American Express, Mastercard, and Visa cards in Switzerland without immediate impact on existing cardholders, merchants, or partners. UBS reaffirmed its commitment to its credit card business but stated that issuing cards through Swisscard no longer fits with its strategic priorities.
UBS has been steadily selling off parts of Credit Suisse, including a stake in Credit Suisse Securities (China) in June and an investment arm in July. UBS also confirmed that Credit Suisse cardholders would be informed about the new card issuance plans in early 2025.