StanChart deal excludes card, travel biz: American Express

NEW
DELHI: American Express Company (AXP), which on Tuesday agreed to sell its
banking concern American Express Depository Financial Institution to UK's Standard Chartered, said the sale
does not include its primary card and travel-related
businesses. An AXP spokesperson
said here on Tuesday that it would aggressively concentrate on card and travel-related
services. "The sale makes not
include any of our payments, including card and travel-related mercantiles in
India, which are our primary businesses," the interpreter said in a
statement. "For American
Express, the determination is in keeping with our strategical focusing on the card
payments, web and complemental traveling concerns that are fuelling our
growth," the spokesperson
added. AXP is the world's third
largest recognition card
network. The New York-based
company today agreed to sell its banking trading operations -- American Express Bank
(AEB) -- to London-based Standard Chartered Plc in an all hard cash trade valued at
about USD 860 million based on plus evaluation as of June
30.