American Express to become a bank

The US Federal Reserve granted American Express’ request to become a commercial bank today, opening the door for the credit card giant to accept deposits and permanently access financing.

American Express to become a bank
Tue, 11 Nov, 2008 - 07:38

The US Federal Reserve granted American Express’ request to become a commercial bank today, opening the door for the credit card giant to accept deposits and permanently access financing.

The Fed said late last night it had approved the application for American Express and a related company, American Express Travel Related Services Co, to become bank holding companies.

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CourtsBusinessHeathrowPlace: USPlace: New YorkPerson: Red GillenPerson: GillenPerson: Sung Won SohnOrganisation: American ExpressOrganisation: US Federal ReserveOrganisation: American Express’Organisation: FedOrganisation: American Express Travel Related Services CoOrganisation: AmExOrganisation: Goldman Sachs GroupOrganisation: Morgan StanleyOrganisation: Lehman BrothersOrganisation: CelentOrganisation: Securities and Exchange CommissionOrganisation: Goldman SachsOrganisation: Smith School of BusinessOrganisation: California State University
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