– American Express to take over UBS’s stake in Swisscard
AmEx will soon become the sole owner of the card provider. An agreement was also reached to transfer the Credit Suisse brand to Swisscard.
Published today at 7:54 a.m.
UBS sells its 50% stake in Swisscard to American Express.
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American Express (AmEx) will acquire UBS’s 50% stake in the credit card provider Swisscard, which the two groups currently hold equally. After the closing of the transaction, the deadline for which has not been given, AmEx will thus become the sole owner of Swisscard.
Issuers have also been informed that Swisscard and UBS have entered into an agreement to transfer the Credit Suisse brand to Swisscard. “This transfer of portfolios has no impact on the combined Credit Suisse card portfolio of 400 million francs of ABS notes in circulation,” Swisscard said in a press release published on Monday.
Swisscard will continue to issue all other card portfolios it issues under the American Express, Mastercard and Visa licenses and will continue to operate the acquiring activities of American Express in Switzerland. “There is no short-term impact on cardholders, merchants or partners,” she says.
American Express maintains its commitment to operating in Switzerland through Swisscard.
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