NEW YORK CITY (dpa-AFX) - UBS Group AG (UBS), Monday reportedly decided to sell its 50 percent stake in Swisscard to its joint venture partner American Express Co. (AXP), making the latter the sole owner of the company. The financial details of the transaction have not been disclosed.
Media reports added that Swisscard would continue to issue all other cards it issues under the American Express, Mastercard and Visa licenses. Also, it will continue its American Express business in Switzerland.
The bank said that it would continue the credit card business. However, issuing credit cards in Switzerland through Swisscard did not 'align with the existing operational setup and strategic priorities of UBS as legal successor to Credit Suisse.'
Further, the Switzerland-based bank added that the clients with Credit Suisse-branded cards will be informed about new card issuance in the first half of 2025.
Currently, UBS's stock is trading at $32.50, down 1.01 percent on the New York Stock Exchange.
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