American Express Changing Their EU Business Model, Most Famous Cards Go Into History
As a result of the changed regulation, American Express will be discontinuing all of their bank licensing partnerships within the European Union, including Croatia, over the next one to two years, and no new licenses will be issued. This decision does not impact other American Express businesses. The decision to discontinue their bank licensing business applies to the European Economic Area, including Croatia.
“We will not issue any bank licenses, in Croatia or the rest of the EU, as a result of the EU regulation. However American Express will continue to operate all other Proprietary business lines across the European Union, including Commercial Cards, Euro and Dollar-denominated cards, Consumer Cards, as well as Business Travel through our Joint Venture, American Express Global Business Travel. Also, we will continue to operate the American Express merchant network across Europe, including Croatia”, said Atalia Da Silva, Vice President Public Affairs & Communications regarding the direct question from ICTbusiness.info and ICTbusiness.biz about the future of the operations of American Express in EU.
"On the Croatian market, we have licensing business with PBZ, our longstanding and valued partner in Croatia ends in December 2019, we continue to have discussions with them about the future iteration of American Express’ business in Croatia", highlights Atalia Da Silva. “I am unable to provide any further information on what this may entail as these discussions are of course commercially confidential.”
According to the statement from PBZ, American Express has been present in Croatia for over 45 years, pursuant to its fruitful and long-standing cooperation with the PBZ Group. Currently activities are underway seeking to enable American Express cardholders and business partners to maintain continued smooth usage of all services and related benefits. It should be pointed out that holders of PBZ Card issued American Express cards will be able to use their cards until 31 December 2019. Regarding the results of these activities, Privredna Banka Zagreb will inform the public in due time.