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The European Commission has given permission for a joint venture between United States-based American Express Co. and Dutch-Belgian financial institution Fortis Bank. The joint venture, Alpha Card, issues AmEx cards and provides merchant-acquiring services in Belgium and Luxembourg, the European Commission says. AmEx and Fortis did not respond to requests for comment. The commission gave Fortis and AmEx permission to transform Alpha Card into a "full-function joint venture," according to a statement from the commission. The commission says the move will not harm competition in Europe's card market. "As Alpha Card is only active in American Express-branded cards, the commission found the proposed transaction would only marginally affect the combined market shares of Fortis, American Express and Alpha Card in the overall payment card-issuing market," the commission says.
