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Tata Finance ties up with Amex for money services

Tata Finance has tied up with global travel services products major American Express. The tie-up envisages a new joint venture for money changing activities, foreign exchange services and marketing traveller cheques. Co-branded outlets across the country will be leveraged. The venture would be up by 1999-end.

Tata Finance managing director Dilip Pendse said that his company will leverage its infotech set-up, while Amex's global expertise and technological know-how in this business will complement the non-banking financial company's wide branch network and understanding of the Indian market which will work to the joint venture's advantage.

A letter of intent has been signed between the two companies to set up the joint venture. Tata Finance's has an electronically connected network of over 75 offices in the country.

Details of the joint venture are being worked out and will be finalised shortly. The alliance includes dealing in forex services, money changing activities and sale of Amex traveller cheques.

UNI

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