American Express and Russian Standard Bank (RSB) today announced an agreement for RSB to exclusively issue and market American Express Card products in Russia. These RSB-issued cards will display the classic look of traditional American Express Cards issued around the world and will be accepted on the American Express global merchant network.
RSB will issue the first Russian ruble-denominated American Express Cards and can also issue US dollar-denominated American Express Cards. Financial details of the agreement were not disclosed.
Under the terms of the agreement, RSB, which is a leading Russian consumer lender, will be responsible for issuing the cards, managing customer relationships, and providing customer service, billing and credit management.
"The partnership with American Express is one more step towards realizing our strategic vision as a provider of financial services of international quality in Russia. We believe in the development and growth of the consumer market in our country, and we want to enhance the choices of Russian consumers and their access to financial products and services," said Dmitry Levin, CEO of Russian Standard Bank. "American Express is a powerful global brand, and Russian Standard Bank is delighted to be working with them to exclusively issue these American Express products in our country."
"This partnership opens up an exciting new chapter in our Company's presence in Russia, where we've been doing business since 1887," said Peter Wright, Senior Vice President, Global Network Services, American Express. "Russian Standard Bank is one of the most dynamic banks in Russia and will be an outstanding partner to issue American Express Cards. We look forward to working with them to cultivate this vibrant, rapidly growing market for consumer financial products."
As part of a global strategy to open its merchant network, American Express could pursue partnerships with other banks to issue their own cards in Russia that would be accepted on the American Express merchant network.