The City Bank introduced American Express Corporate Cards in Bangladesh yesterday, targeting a growing number of business travellers.

The Amex Corporate Card and Gold Corporate Card, the latest in American Express credit cards, which were launched in the country earlier, offer a range of payment and transaction facilities exclusively for the businessmen and employees of private companies.

The cards were formally launched at the Westin Dhaka, where senior officials from The City Bank and American Express were present.

According to officials, the Amex corporate cards feature an array of benefits through American Express SELECTS and the Business Savings Programmes (BSP). The cards also offer global medical and travel assistance, double benefit insurance and accidental death insurance coverage.

"Simultaneously, it also offers its client companies effective solutions to maximise control and ensure transparency of employee spending," said City Bank Managing Director and Chief Executive Officer K Mahmood Sattar.

"This will bring about a total change in the ways the companies here in Bangladesh manage their employees’ travel and entertainment expenses, their distributors in the supply chain and their vendors."

Since the launch of its corporate cards in

1966, American Express has maintained its leading position in the field and until now, 80 percent of the Fortune 500 companies have signed up to the solution globally, officials said.

Studies have also shown that the Amex Corporate cards offer companies an opportunity to reduce their processing cost by 40 percent, they added.

Under the arrangement, The City Bank will be responsible for issuing the cards, extending credit, managing accounts, marketing and customer service support.

Previously, the bank introduced an array of American Express consumer credit cards in Bangladesh to tap the growing number of overseas travellers.

"The Amex Commercial Cards will not only be used for travel and entertainment by the employees but also other products that will help the companies manage their bottom line better," said City Bank Chairman Aziz Al Kaiser.

American Express Executive Vice President Kula Kulendran said: "Noting the country's booming business environment and a consequential growing number of business travellers, we decided to launch the Amex Corporate Cards in this market."

City Bank Deputy Managing Director Sohail RK Hussain and Head of Retail Banking Mashrur Arefin also spoke.

The City Bank first introduced two credit cards of American Express — American Express Gold Credit Card and American Express Credit Card — in November last year in Bangladesh.