American Express 2003 Annual Report Download - page 16

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We plan to form card-issuing relationships only with institutions that possess the ability to add high-spending,
loyal customers to our network to drive more growth in spending and revenue for our merchants; a commit-
ment to high standards of quality and customer service; a strong customer base and marketing expertise; and
compatibility with the American Express brand.
Growing Global Corporate Services
American Express is the leading provider of card, travel and purchasing management services to large and middle
market companies around the world. In 2003, we acquired Rosenbluth International, ranked as the fifth-largest
business travel management company in the United States. Rosenbluth operates in 15 countries and booked
volume of more than $3 billion in 2002. This acquisition enhanced American Express’ position as the largest
corporate travel management company in the world and strengthened our ability to serve the interests of small,
midsize and large corporate customers.
We had a strong year in retaining and expanding the business of existing clients, as well as signing new accounts.
In corporate cards, we won the new business of many major clients in the United States and in international
markets, including Oracle, Merrill Lynch, Sony Corporation of America and BearingPoint. We added many new
key business travel accounts, such as British Telecom and the French Ministry of Defense, as well as corporate
purchasing accounts including Raytheon and Novartis.
In response to the needs of many large clients, Global Corporate Services launched the Corporate Defined
Expense Program. This is an expense management tool for clients who need to allocate funds for a specific pur-
pose, such as employee relocations or training.
We also developed and launched a portfolio of airline cobrand cards in key markets around the world to help
midsize companies that typically do not have the bargaining power to negotiate discounts with airlines. We
issued new cobranded corporate cards with both American Airlines and Qantas. These cards are the first to
offer benefits tailored to midsize companies, including cash rebates on air travel, bonus points and discounts
on everyday spending. We also announced plans to introduce new cards with KLM and Aeroplan, a wholly
owned subsidary of Air Canada, in 2004 and renewed our cobrand card with Air France.
In addition, as demand for online travel reservations increased among corporate clients, we opened two new
interactive travel centers in France and Sweden.
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