Swisscard to be fully acquired by Amex – UBS exits
Published: Monday, Oct 21st 2024, 08:10
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There is a change in the ownership structure of credit card issuer Swisscard. UBS sells its 50 percent stake in the joint venture to American Express Swiss Holdings GmbH (Amex), which thus becomes 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.
Nothing should change for cardholders
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.
According to the press release, the transfer to UBS also has no impact on Swisscard's outstanding bonds totaling CHF 400 million.
The takeover is still subject to certain closing conditions, according to the statement.
UBS commits to the credit card business
In a statement issued by UBS, the bank expressed its "full commitment" to its credit card business. "As a long-standing issuer, the credit card business is of central importance to the bank and UBS will continue to consistently pursue its integrated strategy."
However, issuing 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.
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