American Express Announces Card Issuing Alliance with Citibank

NEW YORK – American Express today announced that it has reached an agreement for Citibank to issue credit cards in the United States that will be accepted on the American Express global merchant network.

American Express anticipates that the new credit card products developed by Citibank will be available in late 2005.

Citibank will be responsible for issuing the cards, managing the customer relationships, providing service, billing and credit management and designing the card product features. American Express will process transactions on its global merchant network.

Financial terms of the agreement were not disclosed.

“As one of the world’s most prestigious financial institutions, Citibank is a tremendous addition to the American Express network,” said Kenneth I. Chenault, Chairman and CEO of American Express. “We are committed to working with outstanding partners like Citibank and the premiere customer experience they provide.”

Following American Express’s announcement regarding its agreement with Citibank, Citibank added: “We’re looking forward to the new relationship with American Express, and we’re committed to providing the same high quality Citi products and services to Citibank cardmembers using the American Express network that we provide today to all our cardmembers. This agreement will bring together two highly successful and internationally recognized brands.”

About American Express
American Express Company is a diversified worldwide travel, financial and network services company. Founded in 1850, it is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, business services, insurance and international banking. American Express has established 85 card-issuing alliances in 95 countries.

About Citigroup
Citigroup, the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at www.citigroup.com.