ZURICH, Switzerland — UBS is offloading part of the Credit Suisse business it acquired last year with a deal to sell the fallen bank's 50-percent stake in credit card provider Swisscard.
ZURICH, Switzerland — UBS is offloading part of the Credit Suisse business it acquired last year with a deal to sell the fallen bank's 50-percent stake in credit card provider Swisscard . UBS will sell its 50-percent holding in the company to its joint venture partner American Express , Swisscard said in a statement.Terms of the deal were not disclosed.
There is no near-term impact on any of these cardholders, merchants or partners, the company said.Following its emergency takeover last year, UBS is now divesting parts of the Credit Suisse business. In June it sold a stake in Credit Suisse Securities , and in July it agreed to sell a former insurance-linked investment arm of the bank to its management.
Sells 50% Swisscard Stake To American Express
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