- Acquisition Details: American Express (Amex) will buy UBS’s 50% stake in Swisscard AECS, making Amex the sole owner. The transaction’s value is undisclosed and subject to closing conditions.
- Swisscard Background: Founded in 1998 as a joint venture between Amex and Credit Suisse, Swisscard offers credit cards from major brands (Amex, Mastercard, Visa) and manages over 1.5 million credit cards in Switzerland.
- Operations to Continue: Swisscard will continue issuing cards under Amex, Mastercard, and Visa licenses and will maintain Amex’s acceptance network in Switzerland.
- Credit Suisse Card Transition: Credit Suisse-branded cards will transition to UBS by the first half of 2025; cardholders will not need to take immediate action.
- UBS’s Strategy: UBS notes that Swisscard’s card issuance does not align with its strategic focus as Credit Suisse’s legal successor but reaffirms its commitment to credit cards under UBS branding.
- Financial Impact: The Credit Suisse card portfolio transition will not affect CHF 400 million in ABS notes issued by Swisscard.
