Is it true American Express Bank in Philippines has been sold and who bought it ?

Answer 1

MANILA, Aug 17 (Reuters) - Banco de Oro-EPCI, Inc., the Philippines second-biggest bank, has bought the local operations of American Express for an undisclosed amount, the lender said on Friday.

"We are acquiring the business to consolidate our position in the credit card market, and our ongoing partnership with American Express will allow us to fill in the gap in the higher-end market," Banco de Oro President Nestor Tan said in a statement.

American Express's business in Manila includes US dollar and peso card portfolios as well as the consumer banking services of American Express Savings Bank.

Tan said under the agreement, Banco de Oro will be able to issue credit cards under the American Express brand.

American Express is the third-largest credit card network after Visa and Mastercard.

Banco de Oro is a unit of conglomerate SM Investments Corp., owned by the country's richest men Henry Sy. The bank's shares closed down 0.93 percent at 53.50 pesos on Friday in a market nearly 2 percent weaker.