On February 22, 2024, the UBS logo appeared on an office building in Krakow, Poland.
Jakub Bolzycki | Noor Photos | Getty Images
UBS Credit Suisse is selling part of the Credit Suisse business it acquired last year and is selling off the failed bank’s 50% stake in credit card provider Swisscard in a deal.
UBS sells 50% stake in company to joint venture partners American ExpressSwiss Card said in a statement.
Terms of the deal were not disclosed.
Upon completion of the transaction, American Express will become the sole owner of Swisscard and Credit Suisse customers will be transferred to the existing UBS credit card platform.
Swisscard said it will continue to issue all other cards issued under the American Express, Mastercard and Visa licenses and will continue to operate the American Express card business in Switzerland.
The company said there will be no short-term impact on these cardholders, merchants or partners.
UBS is now in the process of divesting parts of Credit Suisse’s businesses following an emergency takeover last year. In June, it sold a stake in Credit Suisse Securities (China), and in July it agreed to sell the bank’s former insurance-related investment arm to its management.
UBS said on Monday it was fully committed to the credit card business, but issuing credit cards in Switzerland through Swisscard “is not consistent with UBS’s existing operating structure and strategic priorities as the legal successor to Credit Suisse.”
The bank said there is no need for cardholders to take action and that customers with Credit Suisse-branded credit cards will receive notifications about the launch of the new cards in the first half of 2025.
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