UBS sells 50% of Credit Suisse credit card business to American Express

UBS sells 50% of Credit Suisse's credit card business to American Express in post-acquisition restructuring, says customers unaffected

On October 21, 2567, Reuters reported that UBS was selling a portion of its Credit Suisse stake in Swisscard , a credit card provider, by selling a 50% stake.

The 50% stake will be sold to American Express, a joint venture partner of UBS. Although the financial terms of the deal were not disclosed, American Express will become the sole owner of Swisscard, while Credit Suisse customers will be migrated to the UBS credit card system.

Swisscard said it would continue to issue other cards under the licenses of American Express, Mastercard and Visa, and would continue to operate American Express in Switzerland, and promised that there would be no changes or impacts to cardholders, merchants or partners in the near future.

The move is part of UBS's effort to sell off some of its stake in Credit Suisse after a surprise acquisition last year. In June, UBS sold off Credit Suisse Securities, Credit Suisse's China securities business, and then sold its investment division in July.

UBS said today (Oct 21) that it remains fully committed to its credit card business, but that the Swisscard credit card deal is not consistent with UBS's operating structure and strategic objectives as Credit Suisse's legal successor.

UBS said cardholders do not need to take any action at this time, and Credit Suisse credit cardholders will receive information about the new cards in the first half of 2568.

Reference: reuters.com

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