UBS Sells 50% Stake in Swisscard to American Express, Consolidates Credit Card Business

Zurich, October 21, 2024 – UBS, as part of its ongoing efforts to streamline operations after acquiring Credit Suisse, has reached an agreement to sell its 50% stake in Swisscard, a leading Swiss credit card provider, to its joint venture partner, American Express. This strategic move marks another step in UBS’s divestment of certain Credit Suisse assets as it aligns its business model with its long-term priorities.
The financial terms of the deal have not been disclosed, but with the completion of this transaction, American Express will become the sole owner of Swisscard. Following the sale, all Credit Suisse branded credit card customers will be transitioned to UBS’s existing credit card platform. The transition will begin in the first half of 2025, ensuring a smooth shift for current Credit Suisse cardholders.
Swisscard will continue its operations, including issuing American Express, Mastercard, and Visa cards, and running the American Express business in Switzerland. The company assured there would be no immediate impact on existing cardholders, merchants, or partners, with all services continuing as usual.
UBS, which took over Credit Suisse in an emergency acquisition last year, has made significant moves to divest non-core operations. Earlier this year, UBS sold a stake in Credit Suisse Securities in China and a former insurance-linked investment division. The sale of Swisscard forms part of this larger restructuring initiative, with UBS reiterating its commitment to its credit card business but stating that issuing credit cards through Swisscard no longer fits within the bank’s operational setup or strategic goals.
This move underscores UBS’s focus on integrating Credit Suisse’s key assets while shedding those that do not align with its core business. Clients will be informed in due course about the new UBS credit card issuance and any potential updates regarding their existing cards.
About UBS:
UBS is a leading global financial services provider with a strong presence in Switzerland, offering wealth management, investment banking, and asset management services.
About American Express:
American Express is a global services company, offering customers access to products, insights, and experiences that enrich lives and build business success.