LLOYDS TSB AND AMERICAN EXPRESS ANNOUNCE NEW PARTNERSHIP TO ISSUE CREDIT CARDS IN THE UK
LONDON, April 26, 2005 -- Lloyds TSB and American Express today announced a partnership that enables Lloyds TSB to issue its own range of credit cards utilizing the American Express Network in the UK. As part of the agreement, Lloyds TSB will create the products, issue the cards, and manage the customer accounts, billing and credit management. This alliance brings together the extensive customer base and local banking expertise of one of the UK's premier banking and financial services institutions, with the global card expertise of American Express.
The first in this new line of credit cards will launch later this quarter and be accepted on the American Express global merchant network. Lloyds TSB will introduce an exciting new rewards scheme on the card that allows Cardmembers to earn points that can be redeemed for vouchers at some of the UK's leading retailers. The new card will also provide exclusive access to unique benefits offered by American Express, including special merchant offers and global customer support.
Katrina Cliffe, head of cards marketing, Lloyds TSB said: “In a highly competitive market, this agreement with American Express will give us a real edge on our competitors and the opportunity to grow our credit card business further. By combining the strengths of the two brands, we can offer customers increased choice and a wider range of benefits and services to suit their specific needs.”
“We are delighted to welcome Lloyds TSB to the American Express network, and we look forward to working with them to deliver valuable products that provide differentiated benefits and services to UK consumers,” said Peter Wright, senior vice president, American Express. “With thousands of bank branches, millions of customers and a well-respected brand, Lloyds is a leader in the UK market, and I am confident they will be an outstanding partner to American Express.”
Lloyds TSB
Lloyds TSB is one of the UK's largest banks with 16 million customers and over 2,000 branches offering a full range of financial services products and services. With a well established consumer lending business, it has over 6 million credit card customers across a range of card products.
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, Travellers Cheques, travel, financial planning, business services, insurance and international banking. Since 1996 American Express has been aggressively 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 brand, American Express aims to gain even broader reach for its network worldwide. American Express has now established close to 90 card-issuing partnership arrangements in 100 countries.
