American Express to Acquire UBS’s Swisscard Stake
American Express plans to acquire UBS's 50% stake in Swisscard, strengthening its foothold in the credit card market.
In a significant strategic maneuver, American Express has announced its intention to acquire UBS's 50% stake in Swisscard, the credit card provider that has been jointly owned by both entities. Upon the completion of this transaction—whose timeline remains shrouded in ambiguity—American Express will assume sole ownership of Swisscard.
In a related development, it has come to light that Swisscard and UBS have reached a consensus regarding the transition of Credit Suisse-branded cards to UBS's portfolio. Notably, Swisscard will persist in issuing its diverse array of card offerings under the esteemed American Express, Mastercard, and Visa licenses, while also maintaining its American Express acquiring operations within the Swiss market.
American Express has assured stakeholders that there will be no immediate repercussions for cardholders, merchants, or partners as a result of this acquisition. The company reaffirmed its commitment to its operations in Switzerland through Swisscard, emphasizing stability during this transitional phase.
UBS, in a separate communiqué, elucidated that the issuance of credit cards in Switzerland via Swisscard does not align with its current operational frameworks and strategic objectives, particularly as it assumes the role of the legal successor to Credit Suisse. Customers currently holding Credit Suisse-branded credit cards will be duly informed of the forthcoming changes in a transparent and timely manner. The issuance of new cards is anticipated to commence in the first half of 2025, coinciding with the transfer of banking relationships. For those already in possession of a UBS credit card, the status quo will remain unchanged.
While the corporate landscape shifts, the everyday experiences of customers are expected to remain largely unaffected—at least for the time being.
American Express to Acquire UBS’s Swisscard Stake
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