Banks Swisscard to be fully acquired by Amex - UBS exits

There is to be a change in the ownership structure of credit card issuer Swisscard. UBS is selling its 50 percent stake in the joint venture to American Express Swiss Holdings GmbH (Amex), which will become the sole owner of Swisscard.

A change had already become apparent in the summer. Following the takeover of Credit Suisse by UBS, Credit Suisse and American Express did not extend their existing agreement on the jointly held Swisscard.

According to the information provided, nothing will change for credit card holders. The credit card portfolios marketed under the Credit Suisse brand will be transferred to UBS, Swisscard announced on Monday. In addition, Swisscard will continue to issue the remaining card portfolios under the licenses of American Express, Mastercard and Visa.

The takeover is still subject to certain closing conditions, according to the statement.

UBS commits to credit card business

In a statement of its own, UBS is "fully committed" to its credit card business.

However, the issuing of credit cards in Switzerland via Swisscard is not compatible with the existing operational processes and strategic priorities of UBS as the legal successor to Credit Suisse.

SDA