American Express' first credit card launch by an independent operator was announced yesterday by Turkey's largest privately owned bank. A little over a year ago Akbank signed an agreement to manage the American Express franchise in Turkey. Yesterday the bank launched the 'American Express Kredi Kart' offering competitive interest rates and a bonus points program. Akbank has 495 branches in the Turkey.

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Akbank, Turkey's largest privately owned bank, today announced the launch of the American Express Credit Card (American Express Kredi Kart) in Turkey. Turkish Cardmembers will be able to use the new credit card in establishments in Turkey and worldwide, with billing and repayment in local currency. Cardmembers will also have access to American Express' global network of 1,700 travel offices.

Akbank's entry into the credit card market comes just fourteen months after an independent operator agreement was signed between Akbank and American Express in April 1996, whereby the Bank manages the American Express franchise in Turkey. The American Express Kredi Kart is the first American Express credit card to be launched by one of American Express's independent operator partners.

In addition to having a competitive interest rate for borrowing, the American Express Credit Card offers customers a range of unmatched benefits and services. These include emergency card replacement, 24-hour customer services, medical and legal information assistance, and a bonus points program in conjunction with a local travel operator.

This agreement represents a further development in American Express' strategy for growing its Card business in selected markets by developing alliances with strong local banks. In recent months American Express has also concluded agreement with other financial institutions to issue and sell American Express Cards, including Bank Hapoalim (Isreal), Banco Comercial Portugues (Portugal), Alpha Credit Bank (Greece), Credomatic (Central America), Tong Yang Card Corporation (South Korea), and Banco Consolidado (Venezuela).

Akbank is the largest privately owned bank in Turkey founded in 1948 by Sabanci Group, which is the second largest conglomerate in the Turkish market. The Bank has 495 branches and 7,000 employees throughout the country.

American Express Travel Related Company, Inc., is a wholly-owned subsidiary of the American Express Company - a diversified worldwide travel and financial services company founded in 1850. It provides card, Travelers Cheque, travel and financial services in over 160 countries.