UBS to Sell Credit Suisse's 50% Stake in Swisscard to American Express

UBS has confirmed it will sell the 50% stake in Swisscard, previously held by Credit Suisse, to joint venture partner American Express (Amex). The sale, part of UBS's broader efforts to divest Credit Suisse assets following its acquisition of the bank, will make Amex the sole owner of Swisscard. While the financial terms of the deal have not been disclosed, the transaction marks a strategic shift for UBS.

Amex will continue to issue all cards under American Express, Mastercard, and Visa licenses in Switzerland, and there will be no immediate impact on existing cardholders, merchants, or partners. Credit Suisse customers are expected to transition to UBS's credit card platform by mid-2025. UBS stated that its move to offload the Swisscard stake aligns with its operational priorities and focus as Credit Suisse's legal successor.