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TRS Global Network Services
During the year, we built on the progress we made over the past few
years to open the American Express network to banks and other qualified
institutions in international markets. Our Global Network Services (GNS)
business signed a number of new partners during 2000, bringing our total
at year-end 2000 to 70 partnership arrangements in 74 countries.
The geographic breadth of GNS is helping us make inroads in important
markets. These partnerships create more American Express-branded cards
in force, drive more transaction volume through
our merchant network, and significantly expand the reach of the American Express brand. GNS
partners have already contributed 1.4 million new merchant outlets, a
significant addition to our international merchant base.
In Argentina - a key market in Latin America - GNS completed the
implementation work for launch of American Express-branded cards with
financial institutions during 2000 including: Banco Río de la Plata,
S.A., Banco de Galicia y Buenos Aires, S.A. and Banco Bansud, S.A. Other
important GNS card launches during 2000 included Banco Santiago (Chile);
Aeon Credit Service (Asia) Co., Ltd.; and Banco de Credito del Peru and
Interbank (Peru).
In the United States, however, our network strategy continues to be
blocked by the anticompetitive bylaws and policies of Visa and
MasterCard. The U.S. Department of Justice's antitrust trial against the
bankcard associations is over, and we await the court's decision. We
strongly believe, however, that open competition ultimately will
prevail, to the benefit of consumers.
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