AmEx Unit Buys Britain's Signet
NEW YORK - First Data Resources, a unit of American Express Co., said it completed the purchase of Signet Ltd., a third-party processor of bank credit cards in Britain, for $235 million.
Omaha-based First Data bought Signet from LLoyds Bank, Midland Bank, National Westminster Bank, and Royal Bank of Scotland.
The four banks had operated Signet since its founding in 1971.
First Data processes more than 44 million U.S. cardholder accounts, while Signet handled nearly 13 million accounts in 1990 in Britain.