– Swisscard is taken over entirely by Amex – UBS is exiting
American Express becomes the sole owner of the issuer of Credit Suisse credit cards.
Published today at 8:28 am
New ownership: Swisscard headquarters in Horgen on Lake Zurich. (archive image)
Image: Manuela Matt
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There is a change in ownership of the credit card issuer Swisscard. UBS sells its 50 percent share in the joint venture to American Express Swiss Holdings GmbH (Amex), which thereby becomes the sole owner of Swisscard.
A change had already become apparent in the summer. After UBS took over Credit Suisse, Credit Suisse and American Express did not extend their existing agreement on the jointly held Swisscard.
Nothing will change for cardholders
According to the information, nothing will change for credit card holders. The credit card portfolios sold under the Credit Suisse brand would be transferred to UBS, Swisscard announced on Monday. In addition, Swisscard will continue to issue the remaining card portfolios under the licenses of American Express, Mastercard and Visa.
According to the announcement, the transfer to UBS has no impact on Swisscard’s outstanding bonds totaling 400 million francs.
The takeover is still subject to certain closing conditions, it is said.
UBS is committed to the credit card business
In its own statement, UBS acknowledged its “unrestricted” commitment to its credit card business. “As a long-standing issuer, the credit card business is of central importance to the bank and UBS will consistently pursue its integrated strategy.”
The issuing of credit cards in Switzerland via Swisscard cannot be reconciled with the existing operational processes and strategic priorities of UBS as the legal successor to Credit Suisse.
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