American Express, Deutsche Bank Ally

Partners to offer expense management solutions to bank's corporate customers

Partners to offer expense management solutions to bank's corporate customers

Frankfurt, Germany — June 16, 2004 — American Express and Deutsche Bank announced this week that they have signed an agreement to launch a jointly branded American Express Corporate Card and Business Travel Account program issued by American Express and distributed by Deutsche Bank to its corporate customers in Germany and their selected subsidiaries worldwide.

American Express said its corporate cards and business travel accounts are designed to help corporate customers to better manage their travel and entertainment expenses and identify opportunities for cost savings.

The cooperation links American Express' corporate card product and global platform with Deutsche Bank's distribution power to its target customers. The joint offering will help corporations manage their travel and entertainment expenses globally in a more efficient and comprehensive manner, the newly minted partners said.

Under the joint program, a management information tool will support the worldwide consolidation of all expenses made by all respective employees and provide detailed reporting according to the customers' needs, according to a statement from Deutsche Bank and American Express.

Earlier this year, Deutsche Bank agreed to issue American Express corporate cards to its own employees. The bank has about 66,900 employees working in 74 countries.

Jean-Luc Durant, vice president and head of Network Development Commercial Card, Europe for American Express, said, "The agreement with Deutsche Bank, as one of the world's leading financial service providers, is an important step in the strengthening of our position in the corporate card market."

Norbert Wanninger, head of global cash management for Deutsche Bank, said, "The cooperation between two strong global organizations will result in a harmonized, efficient corporate expense management offering."

The expense management solution will be available to Deutsche Bank corporate customers in July 2004.