Follow @dorgang

Follow @snbchf

Home › 3) Swiss Markets and News › 3.) Swissinfo Business and Economy › American Express to take over UBS’s stake in Swisscard

Previous post Next post

American Express to take over UBS’s stake in Swisscard

Published on October 21, 2024

See on Internet Archive

by
Swissinfo
My articles My site About me My videos My books
Follow on:Twitter Facebook Google +

American Express to take over UBS's stake in Swisscard — "There is no short-term impact on cardholders, merchants or partners," Swisscard said. Keystone-SDA

Generated with artificial intelligence.

American Express is to acquire UBS's 50% stake in credit card provider Swisscard, which the two groups currently hold in equal shares.

This content was published on October 21, 2024 - 10:31

AmEx will become the sole owner of Swisscard on closing of the transaction, the timing of which has not yet been announced. Issuers have also been informed that Swisscard and UBS have reached an agreement to transfer Credit Suisse-branded cards to UBS.

+Get the most important news from Switzerland in your inbox

“This transfer of portfolios has no impact on the combined Credit Suisse card portfolio of CHF400 million [$462 million] of ABS notes in circulation,” Swisscard said in a statement on Monday.

Swisscard will continue to issue all the other card portfolios it issues under the American Express, Mastercard and Visa licenses, and will continue to operate the American Express acquiring business in Switzerland. “There is no short-term impact on cardholders, merchants or partners,” the company said.

+ Swiss regulator tells UBS to strengthen its crisis plans

American Express, it added, remains committed to operating in Switzerland through Swisscard.

UBS explained in a separate statement that issuing credit cards in Switzerland through Swisscard is not compatible with UBS’s existing operational processes and strategic priorities as the legal successor to Credit Suisse.

+ UBS to put 19 branches up for sale across Switzerland

“Customers with credit cards distributed under the Credit Suisse brand will be informed in a transparent and timely manner of the next steps in the transition to a new card,” said the bank. “Issuance of the new cards is scheduled to begin in the first half of 2025, at the same time as the transfer of banking relationships. For customers who already have a UBS credit card, nothing will change.”

Translated from French with DeepL/gw

This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.

If you want to know more about how we work, have a look here, if you want to learn more about how we use technology, click here, and if you have feedback on this news story please write to [email protected].

Switzerland keeps its four three-star Michelin restaurants

This content was published on Oct 21, 2024 The Michelin Guide has awarded stars to a total of 136 restaurants in Switzerland in 2024. The four restaurants that had previously been awarded three stars will retain the distinction.

SWISS extends cancellation of Tel Aviv flights

This content was published on Oct 21, 2024 Lufthansa, the parent company of SWISS, said it will continue to suspend all flights to and from Israel due to the ongoing conflict in the Middle East.

Number of child drownings on the rise in Switzerland

This content was published on Oct 21, 2024 The number of drownings in Switzerland fell slightly last year. A total of 58 people lost their lives in water in 2023, says the Swiss Lifesaving Society.

Proportion of Swiss who are ‘news deprived’ reaches record high

This content was published on Oct 21, 2024 The proportion of people who are "news-deprived" in Switzerland has risen to a record 46%, while the overall quality of the media remains good, says a new study.

Proportion of Ukrainian men seeking protection in Switzerland grows

This content was published on Oct 21, 2024 Fewer people are fleeing to Switzerland from Ukraine, but the proportion of men is increasing, according to a report in the SonntagsZeitung.

Emmaus Federation of Switzerland distances itself from Abbé Pierre

This content was published on Oct 21, 2024 The Emmaus Federation of Switzerland has condemned the sexual abuses attributed to the late Abbé Pierre, a French Catholic priest who campaigned for the poor and homeless.

Swiss workers say flexible working hours would lead to less stress

This content was published on Oct 21, 2024 More flexibility in the workplace leads to less stress, says a study conducted by the Sotomo research institute on behalf of the Swiss Employers' Association.

Ukraine anger toward Switzerland over peace plan a ‘misunderstanding’

This content was published on Oct 21, 2024 Ukrainian Prime Minister Denys Shmyhal says anger toward Switzerland over the Sino-Brazilian peace plan was due to a "misunderstanding".

Swiss to cut staff caring for underage asylum-seekers

This content was published on Oct 20, 2024 The State Secretariat for Migration (SEM) is reducing its support staff for unaccompanied minor asylum-seekers. It will cut 120 full-time positions at national level.

Swiss museum displays 17th-century clock made for insomniac pope

This content was published on Oct 20, 2024 To celebrate its 50th anniversary, the International Museum of Horology in La Chaux-de-Fonds is presenting an exceptional night clock, designed in 1682 by the Italian Pietro Tommaso Campani.

Full story here Are you the author?

About Swissinfo

SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.

My articles My site About me My books
Follow on:Twitter Facebook Google +