StanChart deal excludes card, travel business: American Express

NEW DELHI: American Express Company (AXP), which on Tuesday agreed to sell its banking business American Express Bank to UK's Standard Chartered, said the sale does not include its primary card and travel-related businesses.

An AXP spokesperson said here on Tuesday that it would aggressively focus on card and travel-related services.

"The sale does not include any of our payments, including card and travel-related businesses in India, which are our primary businesses," the spokesperson said in a statement.

"For American Express, the decision is in keeping with our strategic focus on the card payments, network and complementary travel businesses that are fuelling our growth," the spokesperson added.

AXP is the world's third largest credit card network.

The New York-based company today agreed to sell its banking operations, American Express Bank (AEB), to London-based Standard Chartered Plc in an all cash deal valued at about $860 million based on asset valuation as of June 30.