American Express acquires GE Money unit for $1.1 billion

Mumbai: Diversified global financial services company American Express Co will acquire Corporate Payment Services, a commercial credit card and corporate purchasing business of GE Money, from General Electric Co for $1.1 billion.

The acquisition is expected to close by the end of the month.

GE Money's corporate payment service caters to more than 300 ''premium'' corporate clients, including Sprint Nextel Corporation and online travel company Travelocity.com Inc,  Anre Williams, president of Amex's Global Commercial Card and Services business, said in a statement.

GE Money, General Electric Co's London-based consumer and small business financial services unit, has more than $200 billion in assets and 130 million customers in 50 countries.

GE Money's Corporate Payment Services handled $14 billion transactions, including travel and entertainment expenses, for its corporate clients in 2007, the statement added.

GE has also agreed to remain a client after the business is transferred to American Express, Williams said.