American Express is to acquire UBS’s 50% stake in credit card provider Swisscard, which the two groups currently hold in equal shares. AmEx will become the sole owner of Swisscard on closing of the transaction, the timing of which has not yet been announced. Issuers have also been informed that Swisscard and UBS have reached an agreement to transfer Credit Suisse-branded cards to UBS. +Get the most important news from Switzerland in your inbox “This transfer of portfolios has no impact on the combined Credit Suisse card portfolio of CHF400 million [$462 million] of ABS notes in circulation,” Swisscard said in a statement on Monday. Swisscard will continue to issue all the other card portfolios it issues under the American Express, Mastercard and Visa licenses, and will continue to operate the American Express acquiring business in Switzerland. “There is no short-term impact on cardholders, merchants or partners,” the company said. + Swiss regulator tells UBS to strengthen its …