US payments giant American Express will acquire UBS’ 50 per cent stake in Swisscard.

After the closing, Amex will become the sole owner of the Swiss credit card provider.

The financial terms of the deal were not disclosed.

Founded in 1998 as a partner of Credit Suisse and American Express, Swisscard is the only card issuer in Switzerland to offer credit card brands American Express, MasterCard and Visa from a single source. The firm operates more than 1.5 million credit cards and it also oversees the expansion and management of the American Express acceptance point network in Switzerland.

Swisscard and UBS have also entered into an agreement to transfer the Credit Suisse-branded card portfolio to the bank.

As part of the move, Swisscard will continue to issue all other card portfolios under the American Express, Mastercard and Visa licenses and will continue to operate the American Express acquiring business in Switzerland.

Swisscard said that there will be no near-term impact on cardholders, merchants or partners.

“American Express remains committed to operating in Switzerland through Swisscard and is excited to explore ways to grow its business in the country through Swisscard,” payment giant Amex said.

Commenting on the transition of the Credit Suisse branded card portfolios to UBS, the bank said that its integrated credit card business is a “key strategic pillar” for the organisation.

 

 

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