Am Ex sold to Standard Chartered

American Express Company has entered into an agreement to sell its international banking subsidiary, American Express Bank Ltd. (AEB), to Standard Chartered PLC.

The sale agreement, announced yesterday, relates only to the AEB international banking unit, while American Express’ international Card, Travel and financial services businesses operate independently from AEB.

CEO of Nations Trust Bank Zulfiqar Zavahir said, “The sale of their international banking unit does not impact our relationship with American Express.

Nations Trust Bank has been the sole issuer and acquirer of American Express products in Sri Lanka since 2001 and our partnership with American Express will continue to allow us to leverage on the American Express global network which provides the strong appeal of the brand while providing our customers with the strength of a powerful local brand and a leading portfolio of financial solutions.”