FT.com / Companies / Banks – AmexCo converts to bank holding company

AmexCo converts to bank holding company

By Francesco Guerrera in New York

Published: November 11 2008 00:25 | Last updated: November 11 2008 00:25

American Express became the latest financial group to convert to a bank holding company in a surprise move on Monday that will give the credit card group permanent access to Federal Reserve funds and could facilitate consolidation in the sector.

The Fed said AmexCo’s application had been approved more quickly than usual because of the “emergency conditions” and “the unusual and exigent circumstances” in financial markets.

According to the Fed, AmexCo had $127bn in total assets but retail deposits of just $7.2bn – another sign that the financial crisis is prompting regulators to accept bank holding applications from companies with little retail banking presence

via FT.com / Companies / Banks – AmexCo converts to bank holding company


About zyakaira

Investment Banker, 40s, Bangalore This Biopic and this web recreates how one point of view, one person can impact a tremendous economic engine that the world thrives and mis-thrives on. This one has the knowledge and the civil sense , the art of conversation and some good writing to mentor others as powerful and help global managers develop and fine tune their approach on US markets, China, India and the world. Read on here, and let me know what you need. It can be a race for TRPs, a race for new markets and a race to do what is right. I have the pulse of the crisis, the recovery and the market direction and can help you build and refine your strategy as i have helped thousands of managers and multiple global corporations. Of course, it’s more fun if you talk to me. I am in favor of leading this moving of the economic crisis and will partner with you in a soft and subtle way, just the way we both ride to the top. But you can write with us, opine and just reply with aplomb and shine on Twitter , 4 square , Facebook and any other social “choupal” of choice via zyaadakairaada Profile & Portfolio - SocialPicks Different flavours at: http://benchilibowl.wordpress.com http://zyaada.mp

Posted on November 11, 2008, in Bank Stocks, Financial Markets, Global, Meltdown, US. Bookmark the permalink. 1 Comment.

  1. I must say this is a great article i enjoyed reading it keep the good work :)

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: