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American Express Company : Barclaycard and American Express to Expand Their Global Relationships With New UK Card Issuing Agreement

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01/30/2013 | 12:25pm CET
Barclaycard and American Express to Expand Their Global Relationships With New UK Card Issuing Agreement

Barclaycard and American Express have announced that they have agreed to expand the scope of their current global relationships with Barclaycard becoming an American Express card issuing partner in the UK. This builds upon their existing relationships and will enable Barclaycard to issue cards accepted on the American Express global network in the UK, for the first time.

Barclaycard and American Express currently have a number of business relationships around the world, including in the US for card issuing, and the UK for acceptance of payments.

This new UK card issuing agreement will increase the choice available to Barclaycard customers and will lead to a wider range of products being offered to UK consumers. Barclaycard and American Express will commence product development during 2013, with product details being announced at a later point.

Valerie Soranno Keating, Chief Executive of Barclaycard said: "Today's news that two of the world's leading payments businesses will be working more closely in the UK will mean greater choice for UK consumers. It also reinforces Barclaycard's position as a partner of choice in the payments industry and as a leading innovator in UK payments."

Paul Abbott, Executive Vice-President, American Express Global Network Services, Europe Middle East and Africa said: "We are very pleased to partner with Barclaycard, reflecting our strategy of building relationships with the best partners around the world. By working with Barclaycard we look forward to bringing new benefits and services to their customers which reflect our commitment to outstanding value and first class service."

About Barclaycard
Barclaycard, part of Barclays Retail and Business Banking, is a leading global payment business which helps consumers, retailers and businesses to make and accept payments flexibly, and to access short-term credit when needed.

The company is one of the pioneers of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future. It also issues credit and charge cards to corporate customers and the UK Government. Barclaycard partners with a wide range of organisations across the globe to offer their customers or members payment options and credit.

In addition to the UK, Barclaycard operates in the United States, Europe and Africa.

Key facts published in July 2012;

  • total number of Barclaycard customers: 23.0m
  • number of retailer/merchant relationships: 89,000

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, twitter.com/americanexpress and youtube.com/americanexpress.

Since 1996, American Express has been following its strategy of representation of its merchant network and card product portfolio to third party issuers all over the world. Using its global infrastructure and attractive brand, American Express extended its international network coverage. Currently, American Express has established 148 partner relations in 160 markets of the world.americanexpress.com/gns.

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Financials ($)
Sales 2016 31 997 M
EBIT 2016 9 982 M
Net income 2016 5 367 M
Debt 2016 -
Yield 2016 1,64%
P/E ratio 2016 12,94
P/E ratio 2017 13,29
Capi. / Sales 2016 2,13x
Capi. / Sales 2017 2,13x
Capitalization 67 994 M
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Mean consensus HOLD
Number of Analysts 32
Average target price 70,8 $
Spread / Average Target -4,7%
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NameTitle
Kenneth Irvine Chenault Chairman & Chief Executive Officer
Jeffrey C. Campbell Chief Financial Officer & Executive Vice President
Marc D. Gordon Chief Information Officer & Executive VP
Charlene Barshefsky Independent Director
Ursula M. Burns Independent Director
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