American Express announced on October 21, 2024, that it is acquiring UBS's 50% stake in Swisscard, a credit card provider. This deal involves UBS offloading part of the Credit Suisse business it acquired in the previous year.
The acquisition means American Express will take full ownership of Swisscard, which was previously a joint venture. This move is expected to consolidate American Express's operations and market share within the Swiss credit card market.
This strategic transaction allows American Express to gain greater control over Swisscard's business and integrate its services more closely with its global network. The full financial details of the transaction were not disclosed.
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