CREDOMATIC DEBUTS IN THE MEXICAN MARKET WITH AMERICAN EXPRESS- BRANDED CREDIT CARDS IN GUADALAJARA
CREDOMATIC, a leader in the Central American financial services industry, will also issue co-branded cards with Farmacias Guadalajara as it enters this important market; Strategic alliance further strengthens American Express’ presence in Mexico
Guadalajara, Jalisco, November 09, 2004 -- CREDOMATIC, a leading Central American financial services company headquartered in Costa Rica, today announced its entry into the Mexican market with the launch of American Express-branded credit cards in Guadalajara, Mexico. Credomatic's move into the Mexican market leverages a seven-year, card-issuing partnership it has with American Express throughout Central America, and is part of its long-term strategy to expand throughout Latin America. Under its partnership agreement with American Express, Credomatic will issue a line of Classic, Gold and Platinum American Express-branded credit cards, as well as co-branded credit cards with Farmacias Guadalajara.
Credomatic is responsible for extending the credit and handling all customer service and marketing for the credit cards. Credomatic is also responsible for authorization, billing, credit and risk management and accounting. The cards are accepted and processed on the American Express global merchant network.
The Credomatic American Express-branded 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 ATM's worldwide. Cardmembers will be able to use their cards at American Express merchant locations in more than 200 countries and territories around the world. In addition to providing Cardmembers with access to American Express benefits and services, the co-branded Farmacias Guadalajara cards will allow customers to accumulate points with their purchases and exchange them at their local Farmacias Guadalajara.
“For more than twenty-five years, Credomatic has been a leader in the Central American financial services industry and has offered a wide range of high-quality products and services,” said Dennis Salas, General Manager for Costa Rica, Panama and Mexico, Credomatic. “We have leveraged our partnership with American Express to bring Mexican consumers in Guadalajara a host of exciting, new products tailored to meet their needs, with the added privileges of American Express' global merchant network and its prestigious brand,” added Salas. “In addition, our co-branded cards with Farmacias Guadalajara offer added choice and benefits with the appeal of a leading, local brand.”
“Credomatic is a valuable, long-standing partner among the network of card-issuing partnerships American Express has been developing throughout Latin America and around the world,” said Gonzalo Ruiz, Vice President and Regional Business Leader for Global Network Services, Latin America and the Caribbean for American Express. “We believe Credomatic's proven success and years of experience in the Central American card-issuing industry are critical assets, allowing the company to offer consumers in Guadalajara new innovative credit card products that deliver premium value,” added Ruiz.
“We are pleased to partner with Credomatic to offer co-branded products and services,” said José Ignacio Soto, Director of Finance and Investor Relations, Corporativa FRAGUA. “This agreement not only signals an important step for Credomatic's entry into the Mexican market, but it also represents an opportunity for Farmacias Guadalajara to create customized products for consumers that also carry the prestige and worldwide recognition of the American Express brand.”
About American Express Global Network Services
Since 1996, American Express Global Network Services (GNS) 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 GNS has established 85 strategic alliances to issue cards in more than 90 countries. In Latin America alone, American Express GNS accounts for 23 alliances in 18 markets, allowing the company to successfully develop its businesses in the region.
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.
About CREDOMATIC
Founded in 1970, Credomatic is the leading card issuer in Central America. It manages more than US$2.3 billion in assets with more than US$377 million in revenue in 2003. Credomatic has more than 60,000 merchants on its network across Central America.
Contacts:
Nina Chang
212.640.6193
Nina.Y.Chang@aexp.com