American Express and Credit Suisse have set up a joint company to develop and market credit cards in Switzerland, the two firms have announced.

As part of the agreement, Credit Suisse said it will become the first Swiss bank to offer Eurocards, Visa cards, and Swiss franc- denominated American Express cards.

James Cracchiolo, president of American Express Global Network Services Group, said in a release that the deal was part of an ongoing program to link with strong local partners.

The U.S. company has arranged similar partnerships with local financial firms in Ireland, Spain, Turkey, France, Brazil, Japan, and the United Kingdom.

The joint company will be headquartered in Zurich and will be co-managed by Credit Suisse and American Express. Employees in the credit card units of both institutions in Switzerland will be transferred to the new company.

Compiled by James R. Kraus

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