OTP Bank will be responsible for issuing the cards, managing the customer relationships, providing customer service, billing and credit management. OTP Bank will also be the only bank that will acquire merchants in Hungary to accept the American Express Card at their establishments.

“This partnership with American Express to offer their unique products exclusively through OTP Bank helps strengthen our position as the market leader in Hungary,” said Csaba Lantos, Deputy CEO, OTP Bank.

“American Express partners with banks that share our commitment to superior customer service and providing quality products to customers. OTP Bank is a dynamic institution, and they are the right partner to launch these cards that have been tailored to meet the needs of Hungarian consumers,” said Michael Edwards, Vice President and General Manager for Joint Ventures, American Express.

Unique Benefits and Services for Hungarian Consumers
The OTP Bank American Express Gold Card is designed to meet the financial and travel needs of OTP Bank's private banking and premium customers. This product offers no pre-set spending limit and is a pay-in-full charge card that requires the customer to pay off the balance every month.

OTP will also issue Blue from American Express. In addition to its unique, clear design that includes a smart chip, the product offers Cardmembers 1% cashback on annual spending, which is accounted for as a credit on a Cardmember's statement at year-end.  The card also offers the flexibility that allows Cardmembers to pay off their balances over time.

Both products will offer OTP Bank-American Express Cardmembers a rich package of benefits and services including 24x7 customer service both in Hungary and around the world; access to the worldwide network of 1,700 American Express Travel Service Offices where Cardmembers can seek assistance and receive 48-hour emergency card replacement and access to specially negotiated promotions and discounts in Hungary and all over the world through American Express Selects.

In addition, the Card products will provide access to Travel Accident Insurance, which provides coverage for accidental death or dismemberment while traveling; Purchase Protection that provides coverage for goods purchased with the Card that are damaged or stolen and Fraud Protection, which limits a Cardmember's liability if their Card is used for fraudulent purposes.

Both the American Express Gold Card and Blue from American Express issued by OTP can be used to make purchases at the wide variety of Hungarian merchants that accept the card, including large retailers, gas and petrol stations, hotels and restaurants, and the millions of establishments that accept the American Express Card for payment globally.

About OTP Bank
OTP Bank is the largest bank card issuer on the 40-player Hungarian banking market. The number of retail debit cards, as at the end of March 2005, exceeded 3.3 million. The number of the credit cards was more than 255,000. Together with the currency-based and corporate cards, the total number of cards in issue was 3,371,000. In terms of the cards issued, the estimated market share of the credit institution is almost 60 percent.

The number of OTP Bank's ATMs increased to 1,415 by the end of March 2005, from 1,303, one year earlier. The number of transactions carried out at the ATMs by cardholders of the bank was 16.3 million, and the turnover was 432.7 billion forints. The number of POS terminals on March 31, 2005 was 22,086, an increase of 1,488 within one year. The value of the13.2 million purchases administered on the POS terminals of the traders was 105.1 billion forints.

About 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, Travelers Cheques, travel, financial planning, business services, insurance and international banking.

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, 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.