Wall Street

by Alan Fein

Online Stock Market Trading American Express said late Tuesday that it struck a deal with ICBC Bank to offer its American Express card in China, though its landmark suit against Visa and Mastercard probably helped.

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Stock Market Game Dec 8, 2004 (AXcess News) Beijing - American Express (NYSE: AXP) said late Tuesday that it has entered into an agreement with the Industrial and Commercial Bank of China (ICBC) to offer its American Express card in China.

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Stock Investing Game The ICBC American Express Cards, both standard and gold versions, are dual currency cards, denominated in both Reminbi and US dollar currencies. The new cards can be used both at ICBC's merchants and the China Union Pay network of merchants throughout China, as well as American Express merchant locations in more than 200 countries and territories around the world.Beginning today, Chinese residents in Beijing, Shanghai, Guangzhou and Shenzhen can apply for the cards. The cards will be available in other cities across China in the coming months.

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Journal Prime Rate Street Wall "Today is a historic moment for American Express in China," said Kenneth I. Chenault, Chairman and Chief Executive Officer of American Express Company. "The launch of the ICBC American Express Card marks an important milestone for American Express in China. Starting today, Chinese consumers can enjoy, and have access to American Express' global network and the same high standard of service and privileges provided to American Express Cardmembers around the world."Jiang Jianqing, Chairman and President from ICBC said, "We are delighted to be the first financial organization in China to issue American Express- branded cards. The ICBC American Express Card fully leverages ICBC's extensiveAdvertisementcard-issuing expertise and American Express' global brand and network. Through this win-win partnership, we are bringing a host of value- added privileges to Chinese consumers to satisfy their growing, sophisticated needs."

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Stock Market News The launch of the ICBC American Express Card comes nine months after American Express and ICBC inked their partnership in March this year. The joint team has worked to create a distinctive card targeting the aspiring affluent and successful individuals in China who enjoy a higher standard of living and demand higher quality payment products that can support their lifestyle needs, both at home and abroad.Market research indicates that with the rise of consumerism and increase in travel, Chinese consumers favor card products that are backed by reputable brands as they can provide them with the best support and premium value to meet their growing spending and travel needs.

Stock Investing Basics "The ICBC American Express Card places great emphasis on worldwide service, travel privileges and lifestyle experiences," said Mr. Jiang of ICBC. "Major local and global merchants have tailor-made exclusive offers to make this a compelling product unmatched in the market. This card will surely be welcomed by consumers in China."American Express won a landmark case against Visa and MasterCard in the Supreme Court last month, which had to have added to its closing the deal with China. But it should be noted that ICBC already offers its own brand of Visa and Mastercard.

Stock Investing Software The move into China, while grand for market share, could be trouble too. China has been going through its own learning curve in losening credit with banks in Hong Kong and across Asia, Japan in particular, that are having higher than normal failure rates in financial institutions there. Though unlike Japan, banking in China is still relatively tightly controlled.Shares of American Express closed down 81 cents Tuesday at $55.45.

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