BANK OF MALDIVES ANNOUNCES LAUNCH OF BANK OF MALDIVES AMERICAN EXPRESS CARDS
MALE', December 19, 2004 -- Bank of Maldives plc and American Express today announced the launch of the Bank of Maldives American Express Green and Gold Credit Cards for the Maldivian market. American Express and Bank of Maldives have signed an Independent Operator agreement, whereby Bank of Maldives issues the Bank of Maldives American Express Cards. These new credit cards are the first to be issued by a local bank in the Maldivian currency, Rufiyaa.
Under this agreement, Bank of Maldives is responsible for all operations supporting the issuing of the new credit cards, including customer service, marketing, billing and accounting, credit management and charge authorizations. In addition, Bank of Maldives is responsible for providing services to local merchants accepting American Express Cards and for signing up new merchant locations in Maldives.
The new cards will be accepted on the American Express global merchant network, and Cardmembers will enjoy a comprehensive portfolio of benefits being offered for the first time in the Maldives market. These include global acceptance by merchants in more than 200 countries and territories worldwide; 24/7 customer service; specially designed customer offers; emergency support services while traveling abroad; access to more than 550,000 ATMs worldwide; and access to more than 1,700 American Express Travel Services Offices in more than 130 countries. Speaking on the occasion of the launch, The President of Maldives, His Excellency Maumoon Abdul Gayoom commented, “I am pleased at the progress made by The Bank of Maldives. This is an important step forward as Maldives becomes a preferred destination for global travelers.”
Mr. Ibrahim Zuhair, Chairman, Bank of Maldives commented, “From its inception, Bank of Maldives has been proud to serve the nation. We are delighted with our alliance with American Express, which will help us serve the needs of discerning customers in Maldives and further increase our market share.”
Ms. Serene Ho Oi Khuen, General Manager and CEO, Bank of Maldives said, “The Bank of Maldives American Express Credit Card is targeted at the affluent and aspiring affluent customer segment and will provide greater financial flexibility and superior, personalized customer service through our 24/7 Card Centre, as well as a wide range of innovative features. These features coupled with American Express' global acceptance and emergency assistance will make the Bank of Maldives American Express Credit Card a truly sought-after product in the Maldives market.”
“Bank of Maldives is highly regarded and widely recognized as one of the best banks in the Maldives,” said Kula Kulendran, Vice President, Japan Asia-Pacific and Australia region, American Express Global Network Services. “We are confident that Bank of Maldives is the right partner for this market, and we are looking forward to a strong and successful relationship.”
“The Maldives market is emerging as an important tourism destination, and the economy is doing well, providing an excellent opportunity to offer products and services that support the lifestyle needs of affluent customers,” added Kulendran. “We are committed to making benefits available across a wide range of travel, dining, healthcare and retail categories.”
The agreement is part of American Express' global strategy to expand its business through strategic partnerships with banks in selected markets. American Express has signed agreements with several partners across the world to issue cards, including Independent Operator agreements in countries such as Sri Lanka, Korea, Greece, Ireland, Venezuela, Pakistan and Vietnam.
About Bank of Maldives
Bank of Maldives plc has 17 branches across the country and has the country's largest customer base. Inaugurated in 1982, Bank of Maldives is the only national bank with branches outside the county's capital, Male'.
About American Express
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 established 87 partnerships in 98 countries.
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.
Contacts:
Nina Chang
212.640.6139
Nina.Y.Chang@aexp.com