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AMERICAN EXPRESS COMPANY

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American Express : China approves American Express JV to set up clearing and settlement institution

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11/09/2018 | 06:22am EDT

BEIJING (Reuters) - China's central bank said on Friday it has approved an application from American Express' Chinese joint venture (JV) to start preparations for setting up a clearing and settlement institution in the country.

American Express is the first foreign payments firm allowed to build a network in mainland China, months after Beijing laid out the rules for foreign-invested payment firms over market access and supervision.

The JV, named Express (Hangzhou) Technology Services Co, is required to complete operation preparations within a year and get a nod from the central bank before running the bank card clearing business, the People's Bank of China said in a statement on its website.

The approval is a "significant step toward opening up China's bank card market to foreign investors", the central bank said, adding that it would continue to ease in an orderly way market access for clearing and settlement institutions.

Foreign card companies have been lobbying for more than a decade for direct access to China, which is set to become the world's biggest bank card market by 2020, according to GlobalData, a research company.

With Chinese finance technology company Lianlian as its partner, the U.S. firm can use the JV to build a network business that will enable charges on American Express branded cards to be cleared and settled domestically by the JV, American Express said in a release on Friday.

(Reporting by Beijing Monitoring Desk and Shu Zhang; Editing by Kim Coghill, Robert Birsel)

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Financials ($)
Sales 2019 43 668 M
EBIT 2019 12 744 M
Net income 2019 6 821 M
Debt 2019 -
Yield 2019 1,47%
P/E ratio 2019 13,44
P/E ratio 2020 12,17
Capi. / Sales 2019 2,10x
Capi. / Sales 2020 1,96x
Capitalization 91 809 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 116 $
Spread / Average Target 5,7%
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Managers
NameTitle
Stephen J. Squeri Chairman & Chief Executive Officer
Jeffrey C. Campbell Chief Financial Officer & Executive Vice President
Marc D. Gordon Chief Information Officer & Executive VP
Charlene Barshefsky Independent Director
Peter F. Chernin Independent Director
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