American Express Co. and Credit Lyonnais are reportedly close to a credit card comarketing deal, but neither company would confirm it was in the works.

According to last Friday's Wall Street Journal, Credit Lyonnais will become an issuer of American Express corporate cards. It would be the first bank in France to issue a card without the MasterCard or Visa brand-and a setback particularly for Visa's campaign to prevent what it views as consorting with the enemy.

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