By Anthony O. Goriainoff 



  International Consolidated Airlines Group S.A. said Friday that it has signed a multi-year renewal with American Express which will extend their commercial partnership. 


  The airline group--which houses British Airways, Iberia, and Vueling among others--said that under the agreement American Express will pay IAG Loyalty around 750 million pounds ($955.6 million), and that a significant part of this is a pre-purchase of Avios points. American Express will use these in the U.K. and worldwide for its British Airways co-branded cards and membership rewards program, the company said. 


  IAG Loyalty is a subsidiary of IAG which offers a range of services to the group's airlines and business-to-business clients. 


  Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com