UBS sells its 50% stake in Swisscard to American Express

UBS is offloading portion of the Credit Suisse concern it acquired past twelvemonth with a woody to merchantability the fallen bank's 50% involvement successful recognition paper supplier Swisscard.

UBS volition merchantability its 50% holding successful the institution to its associated task spouse American Express, Swisscard said successful a statement.

Terms of the woody were not disclosed.

After the deal, Amex volition go the sole proprietor of Swisscard, with Credit Suisse customers transferring to the existing UBS recognition paper platform.

Swisscard said it would proceed to contented each different cards it issues nether the American Express, Mastercard and Visa licenses and volition proceed to run the American Express concern successful Switzerland.

There is nary near-term interaction connected immoderate of these cardholders, merchants oregon partners, the institution said.

Following its exigency takeover past year, UBS is present divesting parts of the Credit Suisse business. In June it sold a involvement successful Credit Suisse Securities (China), and successful July it agreed to merchantability a erstwhile insurance-linked concern limb of the slope to its management.

UBS connected Monday said it was afloat committed to its recognition paper business, but issuing recognition cards successful Switzerland done Swisscard did not "align with the existing operational setup and strategical priorities of UBS arsenic ineligible successor to Credit Suisse."

The slope said determination was nary request for enactment by cardholders, with clients holding Credit Suisse branded recognition cards to beryllium informed astir caller paper issuance successful the archetypal fractional of 2025.