Sept 19, 2007 (LBO) – Nations Trust Bank said Wednesday it remains the sole issuer of American Express credit cards and other travel services despite the sale of the latter’s international banking subsidiary to Standard Chartered PLC. American Express Company has announced that it has sold its subsidiary, American Express Bank Ltd. (AEB), to Standard Chartered PLC.
American Express’ international card, travel and financial services businesses operate independently from AEB.
“The sale of their international banking unit does not impact our relationship with American Express,” Nations Trust Bank chief executive Zulfiqar Zavahir said in a statement.
Nations Trust Bank has been the sole issuer and acquirer of American Express products in Sri Lanka since 2001.