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UBS UBSG.S is shedding part of the Credit Suisse business it acquired last year by selling the fallen bank’s 50% stake in credit card provider Swisscard.
UBS will sell its 50% stake in the company to its joint venture partner American Express AXP.N, Swisscard said in a statement.
Terms of the deal were not disclosed.
Following the transaction, Amex will become the sole owner of Swisscard, with Credit Suisse customers transferred to UBS’ existing credit card platform.
Swisscard said it would continue to issue all other cards it issues under the American Express, Mastercard and Visa licenses and would continue American Express operations in Switzerland.
There is no short-term impact on cardholders, merchants or partners, the company said.
After its emergency takeover last year, UBS is currently divesting parts of Credit Suisse’s business. In June, it sold a stake in Credit Suisse Securities (China), and in July it agreed to sell a former insurance-related investment arm of the bank to its management.
UBS said on Monday that it was fully committed to its credit card business, but that issuing credit cards in Switzerland through Swisscard did not fit “with the existing operational structure and strategic priorities of ‘UBS as legal successor to Credit Suisse’
The bank said cardholders did not need to take action, and customers with Credit Suisse credit cards would be notified of the issuance of new cards in the first half of 2025.
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