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Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
UBS Divests Swisscard Stake to American Express
UBS has announced the sale of its 50% stake in Swisscard, a credit card provider, to its joint venture partner, American Express. This strategic decision follows UBS's acquisition of Credit Suisse last year, as the bank continues to streamline its operations and divest parts of the fallen institution.
The terms of the deal remain undisclosed. With this transaction, American Express will assume full ownership of Swisscard, while Credit Suisse customers will transition to UBS's existing credit card platform. Swisscard confirmed it will maintain its card issuance under the American Express, Mastercard, and Visa licenses and will continue to operate the American Express business within Switzerland.
The company reassured that there will be no immediate changes for cardholders, merchants, or partners. Following UBS's emergency takeover of Credit Suisse, the bank has progressively divested segments of its acquired business, including a stake in Credit Suisse Securities (China) in June and a former insurance-linked investment arm in July.
UBS reiterated its commitment to its credit card operations, stating that the issuance of credit cards in Switzerland through Swisscard does not align with its strategic priorities as the legal successor to Credit Suisse. Clients holding Credit Suisse-branded credit cards will be informed about new card issuance in the first half of 2025, with no required action on their part.
