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New Amex chief will develop partnerships

29 February 2012 5:58PM
While most credit card issuers struggled to achieve any sort of growth over the past year, American Express Australia managed double-digit growth in card numbers and spending.American Express Australia's new managing director, Lisa Vehrenkamp, said American Express Co. did not report separately on country markets. However, its December quarter financial report, published last month, includes details of business "outside the United States". The number of cards in force for this segment was up 11 per cent on the previous corresponding period and "billed business" was up 10 per cent.Vehrenkamp said these numbers were "indicative for Australia".MWE Consulting's Australian Payment Cards Report has shown Amex steadily taking share from Visa and MasterCard over the past few years.Vehrenkamp said the Australian business had done well because of the strength of its distribution partnerships. Partners include retailer David Jones, the Big Four banks and the Virgin Australia travel rewards program, Velocity Frequent Flyer.Vehrenkamp said her priority in her new role was to develop these partnerships.Vehrenkamp joined Amex in 1996. Previous roles have included general manager for corporate payments in the Asia-Pacific region, and GM for global merchant services, in New York. She has been based in Sydney since 2009.One of Amex's big wins last year was being chosen by the New South Wales government to issue corporate cards to its executives. It is a $40 million a year account.One of the company's business development initiatives last year was to open "kiosks" in Australia Post branches for the sale of its foreign exchange and travel products. The first outlet was opened in Brisbane in December. The second will be opened in Sydney in March.Vehrenkamp said she hoped to expand Amex's small business portfolio. "Rewards and more efficient expense management are the things we offer small business," she said.

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