With this partnership, it becomes the first bank card issuer of American Express cards in the country. The new products, expected to be launched in the second quarter of 2006, will be accepted on the American Express global merchant network.

Shinhan Card will issue a range of American Express-branded consumer and corporate cards that will appeal to both its existing premium customer base and attract new customers. The products will particularly appeal to the increasing number of South Koreans who frequently travel overseas.

“By partnering with American Express, the premium brand recognized all over the world, we expect to enhance the market position of Shinhan Financial Group as well as to upgrade the company image of Shinhan Card,” said Mr. Sung Gyun Hong, President & CEO, Shinhan Card. “This new relationship enables Shinhan Card to continue to stay ahead of the competition and offer our customers innovative, market leading products.”

He added: “American Express has a rich tradition of working closely with network partners across the world to develop relevant and differentiated value propositions that appeal to affluent customers. We look forward to continuing this tradition in Korea.”

Shinhan Card and American Express will work closely in the enhancement of risk management systems, consumer reward programs and corporate expense management systems and practices. Shinhan Card customers using products issued on the American Express network will be able to tap into a range of global benefits such as dining and shopping discount programs, international travel concierge service while also having access to American Express' 1,700 travel offices for assistance.

Kula Kulendran, General Manager, Head of Global Network Services, Japan, Asia Pacific, Australia American Express said: “Korea is a dynamic market and the card market is developing rapidly. The new alliance with Shinhan Card, a respected leader in the financial industry, will strengthen our brand presence in Korea as we further penetrate the market with a broader range of American Express card offerings, leveraging our partner's reputable consumer franchise in the country and American Express' global network.” He added: “Consumers in South Korea will benefit from this win-win partnership as they can enjoy unique benefits, whether at home or abroad.”

About American Express
American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a leader in charge and credit cards, Travelers 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 American Express brand, the Company aims to gain even broader reach for its network worldwide. American Express has now established 94 card-issuing partnership arrangements in more than 100 countries.