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American Express Company Agrees to Sell American Express Bank Ltd. to Standard Chartered PLC.

Publication: Business Wire
Publication Date: 18-SEP-07
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Sale Reflects American Express' Continued Focus on High-Growth, High-Return Payments Businesses

NEW YORK -- American Express Company (NYSE: AXP) today announced that it has entered into an agreement to sell its international banking subsidiary, American Express Bank Ltd. (AEB), to Standard Chartered PLC. The approximate value of the transaction is $1.1 billion. The sale is subject to certain regulatory approvals and is expected to be completed in the first quarter of 2008.

"Today's agreement reflects our strategic focus on the high-growth, high-return payments businesses that have been driving our performance in recent years," said...

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