The UBS logo is seen on an office building in Krakow, Poland, on February 22, 2024.
Jakub Porzycki | Null Photo | Getty Images
UBS has entered into a deal to sell part of the Credit Suisse business it acquired last year and sell a 50% stake in credit card company SwissCard.
UBS sells 50% of its shares to joint venture partner american expresssaid Swiss Card in a statement.
Terms of the deal were not disclosed.
After the acquisition, AmEx will become the sole owner of SwissCard, and Credit Suisse customers will be migrated to the existing UBS credit card platform.
SwissCard said it will continue to issue all other cards it issues under its American Express, Mastercard and Visa licenses and will continue to operate its American Express business in Switzerland.
There will be no short-term impact to any of these cardholders, merchants or partners, the company said.
Following last year's emergency acquisition, UBS is currently selling part of its Credit Suisse business. In June, it sold its stake in Credit Suisse Securities (China), and in July it agreed to sell the bank's former insurance-related investment division to management.
UBS said on Monday that it is fully committed to its credit card business, but that issuing credit cards in Switzerland through Swiss Card “does not align with UBS's existing operational structure and strategic priorities as the legal successor to Credit Suisse.” It doesn't match.”
The bank said customers with Credit Suisse-branded credit cards will be notified about the issuance of new cards in the first half of 2025, and no action is required from cardholders.
