The board of directors of American Express Company (NYSE:AXP) today approved the repurchase of up to 150 million common shares, from time to time, subject to market conditions and the Federal Reserve’s non-objection of the company’s capital plans. This authorization replaces the prior 150 million share repurchase program that had approximately 50 million shares of common stock remaining under board authorization.

Separately, the board of directors approved a $0.03 – or 10 percent – increase in the quarterly dividend on the company’s common stock. The dividend was raised to $0.32 per common share, from $0.29, payable on November 10, 2016 to shareholders of record on October 7, 2016.

As previously announced on June 29, 2016, the company was informed that the Federal Reserve did not object to the company’s 2016 capital plan to repurchase up to $3.3 billion of common shares through the second quarter of 2017, as well as to increase the company’s quarterly dividend to $0.32 per share beginning with the third quarter 2016 dividend declaration. The timing and amount of common shares purchased under the Company’s authorized capital plan will depend on various factors, including the Company’s business plans, financial performance and market conditions.

About American Express

American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.