Bank of China Ltd. will offer American Express-branded credit cards to its private-banking customers, the two companies announced Oct. 26.
“This is the first American Express-branded card issued by Bank of China,” says Amex spokesperson Tiffany Chen. “It is also the first American Express-branded card issued in China targeting private-banking customers.”
When used in China, the card will access the China UnionPay network. Outside of China, the card will use the American Express global network, Chen tells PaymentsSource. Cardholders also will receive premium privileges both inside and outside China, she adds.
Such privileges include access to premium golf courses, fast-track service through immigration and security at some airports, and unlimited access to airport lounges around the world. The card also provides access to a 24-hour concierge service, comprehensive overseas relocation services, and health care and wellness services provided by Raffles Medical Group, the companies say.
The dual-currency card supports accounts in yuan and U.S. dollars.
This is Amex’s fourth partnership with a Chinese bank, Chen says. Earlier deals with the Industrial and Commercial Bank of China, China CITIC Bank and China Merchants Bank involved offering a variety of Amex-branded cards.
As of the end of 2010, Beijing-based Bank of China had issued 170 million bankcards, making it the third-largest issuer in China after the Industrial and Commercial Bank and the Agricultural Bank of China.
Shanghai-based China UnionPay Co. Ltd. is China’s sole card network, with more than 400 member institutions and 2.7 billion cards issued in China and abroad to more than 700 million cardholders as of September.
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