UBS continues to streamline its business and divest further segments of the former Credit Suisse.
UBS is selling its 50 percent stake in Swisscard to its joint venture partner, American Express, according to a Swisscard announcement on Monday. The combined bank had acquired the stake last year as part of the integration of Credit Suisse.
Swisscard issues American Express, Mastercard, and Visa cards to Credit Suisse customers.
No Immediate Changes for Customers
The Credit Suisse card portfolios will be transferred to UBS as part of the client migration. According to UBS, there will be no immediate changes for cardholders, and no action is required: «Cards can continue to be used as usual for the time being,» UBS stated.
«Customers with credit cards distributed under the Credit Suisse brand will be informed transparently and in a timely manner about the next steps for transitioning to a new card.»
The issuance of new cards is expected to begin in the first half of 2025, coinciding with the transfer of banking relationships. For customers already holding a UBS credit card, nothing will change.
Finalizing the Transaction
Swisscard will continue to manage all other card portfolios issued under the American Express, Mastercard, and Visa licenses. After the transaction is finalized, Amex, American Express Swiss Holdings, will become the sole owner of Swisscard.
Swisscard, through its subsidiaries, has several outstanding Swiss franc-denominated asset-backed securities (Swiss Credit Card Issuance 2022-1 AG and Swiss Credit Card Issuance 2023-1 AG) secured by credit card receivables, necessitating an ad-hoc disclosure.
Both transactions—the sale of the stake in Swisscard and the transfer of the card portfolios—are subject to certain closing conditions.
