UBS SELLS ITS 50% STAKE IN SWISSCARD TO AMERICAN EXPRESS
UBS is selling its 50% stake in Swisscard, a credit card provider.
UBS got this stake when it acquired Credit Suisse last year.
The stake is being sold to American Express (Amex), which already owns the other 50%.
Once the deal is complete, Amex will fully own Swisscard.
Credit Suisse customers will move to UBS's credit card system.
The financial details of the deal were not shared.
