American Express completely acquires Swisscard

UBS has decided to sell part of Credit Suisse’s business, which it acquired last year, which is the bank’s stake in the credit card operator Swisscard.

Swisscard said in a statement that UBS Group will sell its 50% stake in the company to its venture partner American Express, according to Reuters.

After the deal is completed, American Express will become the sole owner of Swisscard, while Credit Suisse customers will move to UBS Group’s credit card operating platform.

Swisscard said it will continue to operate all cards it issues under licenses from American Express, MasterCard and Visa, and will continue to manage American Express’ business in Switzerland, without any immediate impact on cardholders, merchants and partners.

UBS Group Inc., which last year made an emergency acquisition of Credit Suisse, has been trying to shed parts of Credit Suisse’s business this year, selling a stake in the bank’s China-based securities business in June and agreeing to sell an investment arm of Credit Suisse’s insurance business the following month, in July. UBS Group Inc. said Monday it was fully committed to its credit card business, but that issuing credit cards through Swisscard was “inconsistent with the strategic priorities of the group, which is now the legal successor to Credit Suisse.” The group said there was no need for cardholders to take action, as customers with Credit Suisse-branded credit cards would be notified of new cards being issued in the first half of 2025.