American Express to Sell Banking Unit for $1 Billion Cash
NEW YORK — American Express Bank Ltd., the international banking arm of financial giant American Express Co., said Thursday that it agreed to sell its Geneva subsidiary to a Swiss firm for $1 billion in cash.
The sale of TDB American Express Bank to privately held Compagnie de Banque et d’Ivestissements will allow American Express to focus on more established businesses overseas, said G. Richard Thoman, president of American Express International Corp.
“Our goal is to concentrate on global businesses where we are already market leaders--card products, travelers checks, travel services and financial services . . . and to seek partnerships that complement our businesses,” Thoman said.
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