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AMERICAN EXPRESS COMPANY (AXP)
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American Express : receives People's Bank of China's preparatory approval for a clearing and settlement license in mainland China

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11/09/2018 | 06:39am EST

American Express (NYSE:AXP) was notified today that the People’s Bank of China (PBOC) has granted preparatory approval for a clearing and settlement license in mainland China. American Express can now begin building a network business to process domestic, RMB transactions through its joint-venture in mainland China.

American Express has formed a joint-venture with Chinese fintech services company LianLian to build a network business that will enable charges on American Express branded cards to be cleared and settled domestically by the joint-venture. The joint-venture is registered as Express (Hangzhou) Technology Services Company (Express Company).

American Express Chairman and Chief Executive Officer Stephen J. Squeri said, “We are pleased to be the first foreign payments network allowed to build a network in mainland China. This is an important next step toward being able to bring the benefits and services of our global network to Chinese customers and expanding the ability of our global Card Members to use their American Express Cards in mainland China. We are also pleased to be working alongside LianLian, a long-term partner of American Express.”

LianLian Chairman Dixon Zhang said, “This is exciting news. LianLian will work together with American Express to seize this opportunity and do all the necessary preparatory work in accordance with relevant laws and regulations and with the guidance and assistance of the regulatory authorities.”

Express Company CEO Walter Liu said, “We are pleased that the PBOC has given us preparatory approval for a clearing and settlement license in mainland China. As a joint-venture, we will bring together the power of American Express’ global brand and network, and the local knowledge, resources and experience of LianLian.”

About American Express

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, travel services, gift cards, prepaid cards, merchant services, Accertify, InAuth, corporate card, business travel, and corporate responsibility.

About Lianlian

Lianlian is a leading fintech services company in China, providing industry customers with innovative fintech solutions and promoting economic growth based on its key strengths in mobile internet, block chain, big data, and artificial intelligence.


© Business Wire 2018
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Financials ($)
Sales 2018 40 442 M
EBIT 2018 11 654 M
Net income 2018 6 355 M
Debt 2018 -
Yield 2018 1,50%
P/E ratio 2018 13,34
P/E ratio 2019 12,15
Capi. / Sales 2018 2,08x
Capi. / Sales 2019 1,93x
Capitalization 84 094 M
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 112 $
Spread / Average Target 14%
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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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