American Express Approved as Bank Holding Company
Submitted by Todd Sullivan on Mon, 11/10/2008 - 19:11.
Following the lead of Goldman Sachs (NYSE:GS) and Merrill Lynch (NYSE:MER)
The Federal Reserve Board on Monday announced its approval of the applications and notices under sections 3 and 4 of the Bank Holding Company Act by American Express Company (NYSE:AXP) and American Express Travel Related Services Company, Inc., both of New York, New York, to become bank holding companies on conversion of American Express Centurion Bank, Salt Lake City, Utah, to a bank, and to retain certain nonbanking subsidiaries, including American Express Bank, FSB, Salt Lake City, Utah.
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