07:29 AM EDT, 10/21/2024 (MT Newswires) -- (Updates with response from American Express ( AXP ) in the fourth paragraph.)

American Express ( AXP ) will acquire UBS Group's ( UBS ) 50% stake in their Swisscard joint venture, the companies said Monday.

Financial terms were not disclosed.

"Post-closing, Amex will become the sole owner of Swisscard," the Swisscard said.

American Express ( AXP ) said it remains "committed to operating in Switzerland through Swisscard."

The Swisscard stake was among the holdings of Credit Suisse, which UBS acquired in a state-backed takeover last year. Swisscard and UBS have also entered a deal to transition Credit Suisse-branded card portfolios to UBS, according to the statement.

The sale is part of UBS' efforts to offload parts of Credit Suisse. "Issuing credit cards in Switzerland through Swisscard does not align with the existing operational setup and strategic priorities of UBS," the bank said in a statement.

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