Under the agreement, Banco de Venezuela/Grupo Santander will be responsible for issuing the American Express-branded cards, extending the credit and handling all customer service and marketing for the Banco de Venezuela American Express Cards. Banco de Venezuela/Grupo Santander will also be responsible for authorizations, billing and credit management, accounting and fraud control.

The Banco de Venezuela American Express Cards will offer a broad range of value-added benefits, including 24-hour, 7-day-a-week customer service; travel assistance at more than 1,700 American Express Travel Service Offices around the world; and access to more than 550,000 ATMS worldwide. Cardmembers will be able to use their Cards at American Express merchant locations in more than 200 countries and territories around the world.

“We are very pleased to bring together two highly prestigious brands like American Expess and Banco de Venezuela/Grupo Santander,” said Michel J. Goguikian, president, Banco de Venezuela/Grupo Santander. “By leveraging the investments we have made in the national credit card market together with American Express' global scope and reach, we can offer Venezuelan consumers a wide range of flexible, convenient new products tailored to meet their specific needs.”

“We are committed to strengthening our presence in Venezuela,” said Frank Bou, regional vice president, American Express Global Network Services, Latin America and the Caribbean. “Banco de Venezuela is a powerful addition to the network of bank partnerships American Express has been building throughout Latin America and around the world. Through this card-issuing agreement, we are combining Banco de Venezuela's in-depth local knowledge with our global capabilities to reach a far greater number of Venezuelan consumers seeking innovative financial products that deliver premium value.”

American Express is expanding its presence in Venezuela by partnering with three leading financial institutions in the country — CorpBanca, Banesco and from today, Banco de Venezuela.

About Banco de Venezuela
Banco de Venezuela forms part of Grupo Santander, a leading financial institution in Spain and throughout the euro zone. On a worldwide level, Grupo Santander has more than 100,000 employees, 68 percent of whom are based outside of Spain. In Venezuela, the bank has a national presence with more than 4,500 employees and 250 branches serving more than two million customers.

About American Express
American Express Company, founded in 1850, is a diversified global financial, network and travel services provider. It is a leader in charge and credit cards, Travelers Cheques, financial planning, travel, investment products, insurance and international banking.

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 card-issuing partnership arrangements in more than 90 countries. In Latin America alone, American Express has established 22 partnership agreements in 17 markets.