Is it true American Express Bank in Philippines have be sold and who bought it ?
Answers:
MANILA, Aug 17 (Reuters) - Banco de Oro-EPCI, Inc., the Philippines second-biggest hill, have bought the local operation of American Express for an undisclosed amount, the lender said on Friday.
"We are acquire the business to consolidate our position in the credit card marketplace, and our ongoing partnership beside American Express will allow us to plague contained by the break within the higher-end marketplace," Banco de Oro President Nestor Tan said surrounded by a statement.
American Express's business in Manila includes US dollar and peso card portfolios as okay as the consumer bank services of American Express Savings Bank.
Tan said beneath the agreement, Banco de Oro will know how to issue credit cards underneath the American Express brand.
American Express is the third-largest credit card exchange cards after Visa and Mastercard.
Banco de Oro is a section of conglomerate SM Investments Corp., owned by the country's richest men Henry Sy. The guard's shares closed down 0.93 percent at 53.50 pesos on Friday surrounded by a marketplace nearly 2 percent weaker.