STANDARD CHARTERED BANK FORMS STRATEGIC ALLIANCE IN ASIA WITH AMERICAN EXPRESS
Standard Chartered Hong Kong Will Be the First to Launch Credit Cards on the American Express Network as Part of the Alliance
HONG KONG, August 04, 2005 -- Standard Chartered Bank announced today that it will start issuing credit cards on the worldwide American Express network in Hong Kong by early 2006. Other markets in Asia will follow. Standard Chartered will be one of the largest international banks to have partnered with American Express to issue such cards in both Hong Kong and elsewhere in Asia.
Standard Chartered will promote the new card and work closely with American Express to develop unique benefits and features to be unveiled during the launch in Hong Kong.
“The addition of the American Express merchant network will enable Standard Chartered to provide greater value to its existing customers through an extended range of benefits and a wider choice of card products. It will also help the Bank access new customer segments with specific benefits tailored to the needs of those segments” said Subroto Som, Global Product Head, Personal Loans & Credit Cards, Standard Chartered Bank.
“We are delighted to have entered into an alliance with American Express to issue credit cards in Asia and are especially pleased that Hong Kong will be the first market to launch,” said Tan Kong Khoon, Head, Consumer Banking, Hong Kong, Standard Chartered Bank (Hong Kong) Limited.
“Standard Chartered is a leader in the credit card market with both its own branded cards and the MANHATTAN credit cards holding very strong positions. The addition of cards issued on the American Express network will certainly enrich our overall value proposition and demonstrate our continued focus on innovation. Our alliance with American Express will complement our product offerings to our existing cardholder base and at the same time allow us to attract new cardmembers,” continued Mr. Tan.
Kula Kulendran, General Manager, Head of Global Network Services, Japan, Asia Pacific, Australia, American Express said: “Standard Chartered is one of the best known banking brands in the Asia Pacific region and we are excited to be entering into an alliance with a trusted partner that will provide broader and deeper market penetration for American Express card offerings. We will work with Standard Chartered to develop a unique card product that will stand out from the crowd, leveraging the American Express brand and global network.” Standard Chartered will introduce a range of card products within the American Express portfolio overtime.
Notes to Editors:
Standard Chartered - leading the way in Asia, Africa and the Middle East
The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the SAR's three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC.
Standard Chartered PLC is publicly listed on both the London Stock Exchange and the Stock Exchange of Hong Kong. Standard Chartered employs 38,000 people in over 950 offices in more than 50 countries, providing a wide range of Consumer and Wholesale Banking products and services. Well-established in growth markets, Standard Chartered combines deep local knowledge with global capability and aims to be the right partner for its customers. Standard Chartered is trusted across its network for its standard of governance and corporate responsibility as well as its commitment to making a difference in the communities in which it operates.
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.
