American Express completed its purchase of the Corporate Payment Services (CPS) unit of General Electric's Money subsidiary for $1.10 billion. General Electric has signed a seven-year agreement to remain with American Express, which will convert all of the credit cards accounts it has acquired to the American Express brand. CPS was created 15 years ago to provide travel and entertainment and purchasing card accounts to GE employees. Since then, it has added more than 300 large corporate clients. The unit also has a small-business revolving credit card portfolio with 86,667 accounts from around the world while General Electric remains CPS's largest client. Fahad Mubarak Al-Guthami, chief operating officer at American Express (Saudi Arabia) Limited, said “the expansion of payment solutions for corporations is a priority at American Express, and obtaining Corporate Payment Solutions (CPS) has been significant to enhancing the payment solutions we provide globally.” “The Corporate Card is a tool American Express provides as a complete financial solution for corporate purchases and payments. The Card facilitates managing corporate travel and hospitality expenses with ease and efficiency. The purchase of General Electric's GE Money Subsidiary is another proof of the great confidence American Express has in its abilities and qualifications around the world.”
