AMERICAN EXPRESS AND NUEVO BANCO COMERCIAL ANNOUNCE ALLIANCE
This Partnership is the First of its Kind between American Express and a Uruguayan financial institution. Significant Growth in Merchant Coverage Planned.
Montevideo, December 15, 2005 -- American Express and Nuevo Banco Comercial have signed an agreement under which the Uruguayan bank will affiliate new establishments to the American Express merchant network and issue American Express-branded products in the local market. This partnership is the first of its kind between American Express and a Uruguayan financial institution.
Under the agreement, Nuevo Banco Comercial, a privately held financial institution, will be responsible for all operations supporting the Nuevo Banco Comercial American Express Cards, including billing and payment systems, accounting, customer servicing, credit management and charge authorizations, as well as marketing the Cards in the country.
In addition, Nuevo Banco Comercial will also take over responsibility for acquiring and servicing local merchants accepting the American Express Card in Uruguay. This will enable American Express to dramatically increase the number of establishments accepting the American Express Card in Uruguay and, as a result, significantly enhance the relevance and utility of the Card to customers living in or visiting the country.
Nuevo Banco Comercial has rapidly become the main privately held domestic bank in Uruguay. With 48 branches distributed around Uruguay, the bank is present both in the consumer and corporate markets, and holds a leading position in the credit and debit card market.
“It is an honor for us to establish an alliance with a company as prestigious as American Express,” said José Fuentes, General Manager of Nuevo Banco Comercial. “This relationship will significantly strengthen our strategy of expanding our products and services, and will contribute to reinforcing and leveraging our leadership position in the Uruguay market. Nuevo Banco Comercial is committed to providing our clients new and innovative products which add value and convenience. The Nuevo Banco Comercial American Express Cards are a perfect example of the implementation of our commitment,” he added.
“We are delighted to be working with Nuevo Banco Comercial, one of the strongest and most creative financial institutions in Uruguay, to issue American Express Cards and affiliate merchants to our network,” said Gonzalo G. Ruiz, President, American Express Global Network Services for Latin America and the Caribbean. “The launch of our relationship with Nuevo Banco Comercial represents a substantial step forward for our global network business. Through this new strategic alliance, we are able to match the world-wide service and global strengths of the American Express brand with the strong market position and customer reach of Nuevo Banco Comercial, together offering superior value to customers in the Uruguay market.”
About American Express
American Express is a worldwide diversified travel, financial and network services company. Founded in 1850, it is a leader in charge and credit cards, Travelers Cheques, travel services, insurance and international banking. Since 1996, the Company has implemented an aggressive strategy to open its merchant network and card product portfolio to other issuers all over the world as a major global growth initiative. By leveraging its infrastructure and the American Express brand, the Company aims at becoming the world's premier global network and expand its reach to customers all over the world.
About Nuevo Banco Comercial
Nuevo Banco Comercial S.A. is a privately held financial institution that was established on March 24, 2003 under the Private Business Law principles. The Uruguayan government is one of its shareholders. The NBC has a large Network of Branches in several neighborhoods in Montevideo and all over the country. The branches are distributed as follows: 23 in Montevideo, including headquarters, and 25 distributed throughout the country. NBC offers a great array of services and financial products, reaching both the consumer and corporate markets, through its various branches, by phone or through its web site www.nbc.com.uy.
