Amex Shores Up Belgian Holdings

Under the terms of an agreement signed on Dec. 7, 2001, Bank Brussels Lambert agreed to sell to American Express all of its interests in the joint venture travel management company, BBL Travel American Express.

BBL Travel American Express, which was formed in June 1998, has enjoyed increased market share and sales growth during its three years of operation. The joint venture has a leading position in markets in Belgium and Luxembourg.

For BBL, the sale of its interests in BBL Travel American Express is part of an overall strategy aimed at progressively focusing on its core businesses of banking.

Christine Levit, spokeswoman for American Express, said the move shows the company's commitment to global business travel management and its interest in expanding globally.

In addition to its Belgian operations, American Express operates joint ventures in major markets in Italy, Hong Kong and Japan. "Our plans are to continue operating through these joint ventures," Levit said. "However, we continually evaluate our businesses, market by market, and we will take whatever steps are necessary to continue to be the leading travel management company in those areas."