GE MONEY AND AMERICAN EXPRESS FORM CARD-ISSUING ALLIANCE
GE Money issues the first jointly branded credit card with American Express "GE Money American Express Card"
TOKYO, August 30, 2007 -- GE Consumer Finance (GE Money) and American Express today announced a partnership through which GE Money will issue American Express-branded credit cards in Japan. The first product is the "GE Money American Express Card," which will make its debut in the market tomorrow. This is the first credit card in GE Money's global card portfolio to carry both the GE Money and American Express brands.
The GE Money American Express Card is designed specifically for people in their late-20s through 30s seeking to enhance their status as they develop their individual lifestyles. There is a strong unmet demand in this market for a credit card that caters to this particular customer group. Both companies, after conducting extensive research on tastes and preferences, believe the stylish black-background design of the GE Money American Express Card will have strong appeal with Japanese consumers in this target profile.
GE Money, one of the world's leading card issuers with more than 100 million cards in force in 37 countries, will further leverage the alliance by seeking out co-branded card partners with which to issue American Express-branded cards in Japan. American Express is a renowned global brand with more than 157 years of serving the affluent segment and maintains a premium merchant network. The combination of the two companies' proven global experience and expertise will allow them to provide customized cards to meet the needs of co-brand card partners and their customers.
Yoshiaki Fujimori, president and CEO of GE Money Asia, commented, "Japan is one of the most important financial services markets in the world, and the credit card market in particular offers great potential for growth. With the American Express partnership, we are taking our business in exciting new directions that underscore our commitment to focus on high growth opportunities in this market. This partnership will enable GE Money and American Express to expand and build a card portfolio that serves a wide range of Japanese consumers, beginning with the launch today of the GE Money American Express Card."
Kula Kulendran, senior vice president of American Express Global Network Services said, "We are pleased to partner with GE Money in Japan, which allows us to broaden the reach of the American Express brand in one of our key markets. GE Money is a solid strategic partner, which provides high-quality, innovative products and services. The partnership combines the best of two leading financial services brands in the world."
GE Money and American Express will also look into opportunities to extend this partnership to other markets.
About the GE Money American Express Card
The GE Money American Express Card will provide cardholders with the opportunity to enjoy the premium image associated with the American Express brand together with a host of privileges and services that American Express offers around the globe.
GE Money will initially offer two cards: Gold and Standard. Cardmembers of the GE Money Gold American Express Card earn 10 points for every ¥100 in spending, equivalent to a 1% redemption value. They can redeem points for American Express Gift Coupons, ANA Mileage points, iTunes® Cards, or Amazon® gift certificates. Cardholders and their accompanying guest also can enjoy access to 16 domestic and overseas airport lounges. Complimentary domestic and overseas travel accident insurance of up to ¥100 million is included, regardless of whether the payment for travel was made using the GE Money American Express Gold Card.
The GE Money American Express Card will be accepted in more than 200 countries and territories. In Japan, the card will be accepted among a broad merchant network through the existing merchant agreement between American Express and JCB, one of the nation's largest networks. Cardmembers will have access to emergency assistance services through American Express' 2,200 Travel Service locations in more than 140 countries and more than 800,000 ATMs. They will also enjoy special offers from the American Express Selects program, which provides a wide range of benefits at hotels, restaurants and retailers in Japan and worldwide.
See the appendix for details of the benefits and terms or go to the following website: http://www.ge-A.jp.
ABOUT GE Money (Corporate Name: GE Consumer Finance Co., Ltd.)
GE Consumer Finance is a Japanese subsidiary of GE Money. GE Money, a unit of General Electric Company, is a leading provider of retail, banking and credit services to customers, retailers and auto dealers in 55 countries around the world. In Japan, "GE Money", a global unified brand, was adopted in April 2005 and it provides consumer finance services such as credit cards, personal finance and mortgage loans. GE Money employs 2,500 people in Japan and the total earning asset is 960 billion yen as of the end of December 2006. For more information, visit our website at http://gemoney.jp/
ABOUT GE
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. It has been operating in Japan for more than 100 years and employs approximately 8,000 people. For more information, visit the company's Web site at http://www.gejapan.com/.
ABOUT American Express
American Express Company is a diversified worldwide travel, financial and network services company, founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, business services, insurance and international banking. In 1917, it opened its first Japanese office in Yokohama and celebrates its 90th anniversary in Japan this year.
Since 1996, American Express has been aggressively pursuing a strategy of opening its merchant network to third-party issuers around the world. By leveraging its global infrastructure and the powerful appeal of the American Express brand, the Company aims to gain even broader reach for its network worldwide. American Express has now established over 110 partnerships in more than 120 markets.
Contacts:
Ayako Ikehara
03.3220.6368
Ayako.I.Ikehara@aexp.com
Keri Buster
212.640.6193
Keri.K.Buster@aexp.com