American Express Names Valerie Soranno Keating President, Global Travelers Cheque Group.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 1, 2002

American Express today announced the appointment of Valerie Soranno Keating to the position of President, Global Travelers Cheque Group, based in New York City.

Ms. Soranno Keating will have global management responsibility for one of the company's most enduring products -- the 111-year old Travelers Cheque -- as well as some of its newest product offerings in the prepaid card category, most notably, Gift Cheques and the Be My Guest Card. The Group continues to enhance its products to benefit both its partners and its customers, including an expanded emphasis on an array of innovative products and services to better compete with credit and charge cards, ATMs and cash. Last year, American Express Travelers Cheque sales exceeded $23 billion worldwide.

American Express Travelers Cheques have provided peace of mind to travelers across the globe for more than 100 years. Just last month the company announced a new service free to all American Express Travelers Cheque customers to help to replace their lost or stolen passports and credit cards (even cards from other issuers) anywhere in the world, 24 hours a day, 7 days a week. In addition, the Group has focused on an expansion of distribution channels, including the Internet. American Express continues to broaden its joint ventures with global players such as recent partnerships with HSBC, the Japan Travel Bureau, and the Australia and India post offices. The company is also in the process of signing agreements with the former sellers of Citicorp Travelers Cheques to begin selling American Express Travelers Cheques. In the near future, Citibank branches will begin to sell a private label travelers cheque to be issued by American Express.

Ms. Soranno Keating, President of the Group, has distinguished herself in nine years with American Express as a leader specializing in strategic planning and business growth. As a member of American Express' Global Management Team, she plays an active role in helping to shape the company's overall strategic direction. She has held a variety of positions including Senior Vice President - Merchant Strategic Relationships; Vice President and General Manager - Retail Industries; Vice President - Strategic Planning and Vice President - Network Expansion. She has been responsible for all American Express Card business in travel and retail establishments in the United States and oversaw the development and management of key relationships with individual merchant partners and industry associations to drive profitable incremental sales.

Ms. Soranno Keating has also led a number of new business and strategic initiatives, including the redesign of various aspects of American Express' customer service infrastructure. In addition, she has managed American Express' relationships with third party processors and key bank partners, and was responsible for managing and expanding American Express' ATM network.

Prior to joining American Express in 1993, Ms. Soranno Keating spent eight years as a management consultant. While with A.T. Kearny, Inc., she advised Fortune 500 companies on a broad range of issues including organizational design, resource effectiveness and marketing and business strategy.

Ms. Soranno Keating is a member of the boards of the National Retail Federation and the American Express Incentive Services. She is married and currently resides in New Jersey.

Ms. Soranno Keating replaces Barbara Fraser who is now executive vice president, American Express Financial Advisors Products and Corporate Marketing.

American Express Company is a diversified worldwide travel, network, and financial services provider founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking. For more information, visit www.americanexpress.com.