DBS and American Express partner to launch new credit card

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The new DBS American Express® Credit Card - A New Choice In the Credit Card Market

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First card in the market to offer double reward points as a core benefit

SINGAPORE, OCTOBER 16, 2003 - DBS Bank and American Express today unveiled a new credit card targeted at younger professionals who qualify for gold credit cards but who want something more appealing and rewarding to meet their lifestyle needs.

To qualify for the new DBS American Express® Credit Card, which will be issued by DBS Bank and will be accepted by millions of merchants on the American Express network worldwide, customers must have a minimum annual income of S$48,000.

Edmund Koh, Managing Director and Head of Consumer Banking Group Singapore at DBS said, "This new credit card caters to a very large and diverse population of our card base - younger, upwardly mobile professionals - who are looking beyond the gold colour to represent the status they identify with."

He added: "Our research tells us that there is a growing number of customers who aspire to own the Platinum Card, but may not currently qualify for it nor want to pay the fees they are often charged for the high service levels. These customers, however, still view recognition and privileges high on the list of features they value. Based on these findings, we have introduced the DBS Black Card - a card that's associated with an array of benefits, and will ultimately, we believe, be the ideal preferred card for younger affluent customers."

"From a business perspective, we want a card that appeals to a larger base. The DBS Black Card brings a new dimension to the market place and we are sure it will appeal to those who want an alternative to a Gold Card, " Mr Koh said.

Kula Kulendran, Vice President & Head of American Express Global Network Services, Asia Pacific Australia said: "Since the launch of our partnership in 1999, American Express has had a very successful relationship with DBS Bank. We greatly value this relationship as DBS Bank shares our global commitment to customer service and innovation."

In addition to its distinctive design and colour, the DBS Black Card offers double reward points as a standard core feature. This is the first time a credit card issuer in Singapore is offering such an attractive reward points scheme on a permanent basis. With double reward points, DBS Black Card members will get to enjoy their desired benefits such as frequent-flyer miles twice as fast.

The new card offers a whole host of exclusive privileges at upscale merchants such as Club 21, Planet Fitness and Spa Botannica. Cardmembers will even have prime parking lots reserved exclusively for them at selected shopping malls, including Raffles City.

Also for the first time in Singapore, a Ferrari sports car is up for grabs as the top prize of a lucky draw. Successful applicants of the new DBS Black Card will stand a chance to win the Ferrari 360 Modena in a Grand Draw in February 2005.

As part of its launch promotion, DBS will also waive the annual fee for the first year for all new cardmembers.

Kula Kulendran added: "DBS Bank's efforts in new product development have been outstanding. They have an excellent understanding of what their consumers want. Together with the extensive customer relationships they already enjoy, DBS Bank is well placed to launch this new Card product."

DBS Bank is a leading credit card issuer in Singapore and Hong Kong and is currently the only bank in Singapore that issues cards that are accepted on all three major networks.

About DBS

Headquartered in Singapore, DBS Bank is one of the largest financial services groups in Asia. The largest bank in Singapore and the fourth biggest banking group in Hong Kong as measured by assets, DBS has dominant positions in consumer banking, treasury and markets, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in Thailand, The Philippines, and Indonesia. In China, the bank has branches and representative offices in Shanghai, Beijing, Shenzhen, Fuzhou and Tianjin. The Bank's credit ratings are among the highest in the Asia-Pacific region. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.

About American Express

American Express Company is a diversified worldwide financial, network and travel services provider founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, financial planning, travel, investment products, insurance and international banking. Since 1996, the company has been aggressively pursuing a strategy of opening its merchant network and card product portfolio to other card issuers around the world, as a major growth initiative for the global card company. By leveraging its global infrastructure and the powerful appeal of the American Express brand, the company aims to become the premier global network and gain wider reach to customers worldwide. In the last several years it has developed close to 80 card-issuing relationships in more than 80 countries. In Asia alone, American Express has established 21 such alliances in 13 markets, allowing the company to successfully build its business in the region.