American Express Co. signed an agreement with Banco del Progreso to issue Amex cards in the Dominican Republic.

The deal is part of American Express' strategy of aligning with financial institutions to issue its cards. The approach has met success abroad but has been stymied in the United States by policies governing MasterCard and Visa members.

Banco del Progreso will be responsible for the merchant-acquiring side of the business, as well as operational support.

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