UBS Group AG has reportedly decided to divest its 50 percent ownership in Swisscard, transferring full control to its joint venture partner, American Express Co. While the financial details of this transaction remain undisclosed, media reports indicate that Swisscard will persist in issuing cards under the American Express, Mastercard, and Visa licenses, and will continue its American Express operations within Switzerland. Despite maintaining its credit card business, UBS noted that card issuance via Swisscard in Switzerland does not align with its operational framework and strategic objectives, following its merger as the legal successor to Credit Suisse.
In addition, UBS announced that holders of Credit Suisse-branded cards will receive information regarding new card issuance in the early part of 2025.
Currently, UBS shares are trading at $32.50, reflecting a decrease of 1.01 percent on the New York Stock Exchange.
