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.
“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.
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.
“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 english@swissinfo.ch.
Popular Stories
More
Multinational companies
Azeri fossil-fuel cash cow brings controversy to Switzerland
Is artificial intelligence an advantage or a disadvantage for workers?
What is your experience with AI at work? Have you already used it? Has it helped you work better? Or has it caused you more stress, more work or caused you to lose your job? Tell us about your experiences!
Swiss price watchdog slams excessive prices for generic medicines
This content was published on
The cheapest generic medicines available in Switzerland are more than twice as expensive as in other countries, according to a study by the Swiss price watchdog.
Nature should not figure in net zero calculations: academic study
This content was published on
The natural removal of CO2 from the atmosphere by forests or oceans should not be included in the net-zero balance of climate protection measures, argue researchers.
This content was published on
None of the 15 major Swiss retail banks is meeting international climate and biodiversity targets, according to a ranking by WWF Switzerland.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.