UBS sells its 50% stake in Swisscard to American Express
Adds details from paragraph 4
ZURICH, Oct 21 (Reuters) -UBS UBSG.S is offloading part of the Credit Suisse business it acquired last year with a deal to sell the fallen bank's 50% stake in credit card provider Swisscard.
UBS will sell its 50% holding in the company to its joint venture partner American Express AXP.N, Swisscard said in a statement.
Terms of the deal were not disclosed.
After the deal, Amex will become the sole owner of Swisscard, with Credit Suisse customers transferring to the existing UBS credit card platform.
Swisscard said it would continue to issue all other cards it issues under the American Express, Mastercard and Visa licenses and will continue to operate the American Express business in Switzerland.
There is no near-term impact on any of these cardholders, merchants or partners, the company said.
Following its emergency takeover last year, UBS is now divesting parts of the Credit Suisse business. In June it sold a stake in Credit Suisse Securities (China), and in July it agreed to sell a former insurance-linked investment arm of the bank to its management.
UBS on Monday said it was fully committed to its credit card business, but 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."
The bank said there was no need for action by cardholders, with clients holding Credit Suisse branded credit cards to be informed about new card issuance in the first half of 2025.
Reporting by John Revill, Editing by Miranda Murray
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
