Targeted at the aspiring affluent segment, the new Credit Cards offer Pakistani consumers greater financial flexibility through a revolving credit line, coupled with a host of innovative features, world class customer service, global acceptability and worldwide support that have become the hallmark of the American Express Brand. Cardmembers will enjoy a range of benefits including revolving facility at a lower service fee of 27 percent, balance transfer facility at an attractive interest rate of 18 percent and an exclusive “Founder Member” offer with special recognition and benefits.

Speaking on the occasion of the launch, Union Bank President Shaukat Tarin said, “We are delighted to bring the world famous American Express Credit Cards into this market through our alliance with American Express. Consumers in Pakistan can now access world-class benefits and privileges offered by these credit cards. Most importantly, the credit cards offer genuine value and we are confident that these will greatly appeal to consumers here.”

Union Bank's Chief Operating Officer Aziz Rajkotwala remarked that the launch would pave the way to a new era of cards in Pakistan – where the consumers will have access to superior and more personalized services, better value and a wide range of innovative features on the card.

“Today marks a very significant step forward in the American Express' partnership with Union Bank in Pakistan,” said Kula Kulendran, vice president, Asia Pacific Australia, American Express Global Network Services. “The introduction of the Union Bank American Express Green and Gold Credit Cards is yet another step in our commitment to provide – in partnership with Union Bank – a range of innovative, world-class products, services and benefits to consumers in Pakistan.”

• The new Union Bank American Express Credit Cards feature a comprehensive range of benefits and privileges including:
   
• 24-hour toll-free customer service, 7 days a week
   
• Cash advances of up to 75 percent of credit limits, through 42 branches of Union Bank and more than 550,000 ATMs worldwide
   
• Emergency card replacement
   
• Direct debit option through Union Bank accounts
   
• Zero liability on lost or stolen cards
   
• Free travel accident insurance of up to Rs.500,000 for the Green Credit Card and up to Rs.1,000,000 for the Gold Credit Card when tickets for airlines, railways or other public carriers are charged to the card
   
• Travel assistance services at more than 1,700 American Express Travel Service Offices in more than 130 countries
   
• Membership Rewards program

With today's launch, there will be a wider range of American Express Card products available in Pakistan, including charge, corporate and credit cards, to match the lifestyle needs of varied consumer segments. Cardmembers will be able to use their Union Bank American Express Cards at thousands of American Express merchant locations in Pakistan and millions of establishments in more than 200 countries worldwide.

In June 2001 American Express and Union Bank signed an Independent Operator agreement allowing Union Bank to conduct American Express Card Service in Pakistan. Under this agreement, Union Bank took over the responsibility of servicing local merchants who accept the American Express Card, signing new merchant locations, and providing customer service to cardmembers in Pakistan.

About Union Bank
Union Bank was incorporated in 1991. Since the takeover by new management, Union Bank acquired the Pakistani Operations of two major international banks, Bank of America in July 2000 and Emirates Bank International in July 2002. This has not only strengthened the bank's balance sheet but also enabled Union Bank to institute world class operating standards for a more focused approach and enhanced service delivery to its customer base. Union Bank is also one of the largest card acquirers in the country, servicing a growing base of thousands of merchant establishments in Pakistan. The Bank provides an extensive distribution of 42 branches spread over 19 major cities and has plans to further expand its branch network in the future.

About American Express Global Network Services
Since 1996, American Express has been pursuing a strategy of opening its merchant network and card product portfolio 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 established more than 70 card-issuing partnership arrangements in close to 80 countries. Click here for more information about the American Express Global Network Services business.

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, financial planning, business services, insurance and international banking.