©Business Times (Used by permission)
By Zaidi Isham Ismail
MALAYAN Banking Bhd (Maybank) has bought American Express' (Amex) entire charge card business in Malaysia for RM80 million to consolidate its position as the country's top lender.
With the purchase, Maybank now is the country's number one credit and charge card issuer commanding a quarter of the market share, roping 1.3 million card members and up to 45,000 merchants.
Maybank president and chief executive officer Datuk Amirsham A. Aziz said through the partnership, Amex customers can also enjoy Maybank's wide range of products and services such as insurance and automated teller machines.
"The credit card and charge card businesses are expected to register a growth of up to 20 per cent in the next one year," Amirsham told reporters at its headquarters yesterday.
He had earlier represented the bank after inking the deal with Amex, represented by its senior vice president head of global network services (Japan Asia Pacific and Australia) Kula Kulendran.
With effect from yesterday, Maybank is the sole issuer and manager of Amex card business to individual and corporate clients.
Maybank has been issuing the Maybank Amex credit card since December 2003. Amex has a similar partnership with Hong Leong Bank.
Amex however will continue to operate its other businesses in Malaysia including travel service network, travellers cheques business, membership travel services and global network services.
Kuala Lumpur will continue to be home to Amex global service centre which provides card and merchant services to Amex global offices in 10 countries.