US travel and financial services giant American Express Co and the Industrial and Commercial Bank of China said on Tuesday they have signed a deal to issue the first credit card in China carrying an American Express logo.
The two companies will issue dual currency cards this fall, targeting four major cities Beijing, Shanghai, Guangzhou and Shenzhen, David House, group president of American Express Co told reporters at a news briefing here.
The companies are aiming to issue four million cards over the next decade, said Jiang Jianqing, chairman of ICBC, one of China's big four state banks.
Under the partnership, which is still awaiting regulatory approval, cardholders will be able to use the ICBC American Express credit cards at China UnionPay merchants found in China and at American Express merchant locations in more than 200 countries and territories.
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