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December 26, 2004 08:40 AM

American Express, Citi Ink Deal


Excerpt: Just weeks after a court decision cleared the way for American Express to market its card with Visa and MasterCard issuers, the company announced it has entered into an agreement with Citigroup to issue the cards.

　 　

Just weeks after a court decision cleared the way for American Express (AXP: news, chart, profile) to market its card with Visa and MasterCard issuers, the company announced it has entered into an agreement with Citigroup (C: news, chart, profile) to issue the cards.

Citigroup is among the nation's biggest credit card issuers.

American Express shares rose 1 percent to $55.60 in early Tuesday trade, while Citi shares added 0.3 percent to $46.89.

The cards, issued by Citibank, will be available in late 2005, said American Express. Financial terms of the deal were not disclosed.

"Citibank is a tremendous addition to the American Express network," American Express Chairman and CEO Kenneth I. Chenault, said in a statement.

Analysts said the deal should benefit both Citigroup and American Express. AmEx will gain higher volumes and help promote the card among merchants.

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Citigroup Says It Will Issue American Express Cards - Dec 17, 2004
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