HSBC Becomes Latest Issuer to Offer American Express Cards

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HSBC

Becomes Latest Issuer to Offer American Express Cards

HSBC North America, issuer of credit cards such as the HSBC

MasterCard and GM Card has announced

an agreement to offer American Express-branded credit cards

starting in mid-2006.

As

with recent agreements announced by Bank of America and Citibank,

American Express will only serve as the payment network for

the new HSBC cards, in much the same way that Visa and MasterCard

serve as payment networks for their member banks. All card issuance,

customer relationships, marketing, billing, charge authorizations

and credit management will be handled by HSBC.

As

it did with Bank of America, American Express announced that

it will dismiss HSBC from its antitrust litigation against Visa,

MasterCard and a number of major U.S. banks.

Published 12/28/05 (Modified 11/26/12)