25 April 2008 | Jake Kanter
American Express has agreed a cash deal to buy GE Money's purchasing card business Corporate Payment Services (CPS) for $1.1 billion (£556 million).
The purchasing card scheme, set up by GE Money in 1992, has more than 300 corporate customers and covered $14 billion (£7 billion) of purchases in 2007. The GE group is the scheme's biggest customer and will now become an American Express client.
American Express will also take on CPS's 350 US-based staff.
Anrè Williams, president of American Express' global and commercial card services, said expansion was a top priority for the business.
"CPS is a terrific business with strong leadership and talented employees who have been generating impressive growth through a combination of excellent customer service and cutting-edge technological innovations."