UBS 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 , Swisscard said in a statement.
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.
Following its emergency takeover last year, UBS is now divesting parts of the Credit Suisse business.
Persons:
Swisscard, Amex
Organizations:
UBS, Credit Suisse, American Express, Mastercard, Visa, Credit Suisse Securities
Locations:
Krakow, Poland, Switzerland, China, Swisscard