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American Express becomes commercial bank

By Website Introductions at 11/26/08 13:39

In order to access government funds and be eligible for liquidity support from the federal government, American credit-card company American Express's bid to become a commercial bank was unanimously approved by the Fed.

American Express is the largest credit-card company in terms of purchases made. More on that here at Bloomberg.com

Link: Bloomberg.com: U.S.

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